Uber spends a ton of money on three areas: R&D, new customer and driver acquisition (including marketing too), and legal/lobbying. These areas may taper down in growth in the future, but it's unlikely to shrink.

Also there is the huge red flag they may be forced to hire the drivers as employees.

Uber is paying for these costs through the fares their drivers collect. Non-ride insurance and vehicle capital costs do not show up as a line item on Uber's cash flow statement, but the fares cover them. Uber has other capital costs though.

There ain't no such thing as a free lunch.

They're not though. What percent of drivers do you think have appropriate liability insurance?

Yes but they only take ~20% of gross revenue.

20% actually but if the costs are low and volume is high, that piece of pie would be worth a lot. Also ~20% is a much higher margin than what the retails operate on.

Yes I hit the wrong key and didn't notice. However, its 20% before expenses.

Please see if 10% is correct. As far as I know it used to be 20% in India which has been increased to 25% now.