Uber is celebrating a $5.9 billion windfall after regulators approved new rules that it says will protect its customers and drive innovation.
The ride-sharing company said it will receive $3 billion in tax incentives and an additional $3.5 billion in subsidies, which will be distributed based on ridership levels.
The company said the tax credits will cover $4.5 million in taxes on Uber’s current fleet of cars and trucks, $4 million in new vehicle sales and a total of $4 billion in additional vehicle sales.
The tax credits are intended to help offset Uber’s losses, the company said in a statement.
The announcement comes a day after regulators rejected a $3 million grant from Uber that would have allowed the company to continue operating at a loss.
The tax incentives were part of a $10.8 billion settlement with regulators last year, which also gave Uber an $11.9 million loan guarantee.
Uber said it expects to have a full-year 2018 profit of $8.9 to $9 billion.
Uber is also expected to report earnings of $10 billion or more, and has seen its stock price surge over the past two years as it seeks to expand to new markets.
Uber is expected to release earnings of between $9.5 to $10 per share for the first half of the year.