- Uber Technologies and Chinese automaker BYD announced a multi-year partnership on Wednesday, targeting the introduction of 100,000 new electric vehicles (EVs) to Uber’s ride-hailing platform worldwide.
- The Uber-BYD partnership marks a significant step in advancing electric vehicle (EV) adoption in the ride-hailing industry, tackling high purchase prices and borrowing costs.
OUR TAKE
Uber and BYD’s EV push is ambitious, but it’s about time ride-hailing giants stepped up. Remember when Tesla’s Model 3 drove down EV prices, sparking mass adoption? Uber’s partnership with BYD could do the same, but globally. Plus, it’s smart to target Europe and Latin America first, where EV incentives are strong. Let’s see if this partnership can overcome the high costs and financing hurdles that have slowed EV adoption. And let’s not forget, Tesla’s robotaxi reveal in October could shake things up even more.
–Miurio huang, BTW reporter
What happened
Uber Technologies and Chinese automaker BYD announced a multi-year partnership on Wednesday, targeting the introduction of 100,000 new electric vehicles (EVs) to Uber’s ride-hailing platform worldwide. Initially focusing on Europe and Latin America, the partnership aims to provide drivers with accessible pricing and financing options for BYD’s EVs. The initiative will later expand to include markets in the Middle East, Canada, Australia, and New Zealand.
The collaboration includes discounts on vehicle maintenance, charging, financing, and leasing, depending on the market, to facilitate the transition to electric vehicles. Uber’s shares saw a 2.5% increase in premarket trading following the announcement.
Also read: EV giant BYD secures $1B plant deal in Turkey
Also read: China’s BYD surpasses Tesla in the Singapore and Southeast Asia EV market
Why it’s important
The Uber-BYD partnership marks a significant step in advancing electric vehicle (EV) adoption in the ride-hailing industry, tackling high purchase prices and borrowing costs.
By making EVs more accessible, Uber and BYD enhance ride-hailing sustainability and support global efforts to reduce greenhouse gas emissions. Uber CEO Dara Khosrowshahi noted that an Uber driver switching to an EV can deliver up to four times the emissions benefits compared to a regular motorist. The partnership will also integrate BYD’s vehicles with self-driving technologies, positioning Uber to leverage advanced innovations.
This move comes as BYD’s U.S. rival, Tesla, plans to unveil its robotaxi product in October. Uber’s collaboration with BYD and continued work with Tesla reflect its commitment to promoting EV usage and achieving an emission-free fleet in U.S. and Canadian cities by 2030. This strategic alliance accelerates the shift towards electric vehicles, benefiting drivers, customers, and the environment.
