Uber and BYD partnership to introduce 100,000 EVs globally, initiated with Europe and Latin America

Uber and BYD partnership: Uber and Chinese auto manufacturer BYD have announced a multi-year partnership to integrate 100,000 new electric vehicles (EVs) into Uber's global ride-hailing platform. The initiative, which has begun in Europe and Latin America, seeks to expand access to affordable EVs for drivers on the Uber platform and Uber will later extend to various markets, which would include the Middle East, Canada, Australia, and New Zealand.

The collaboration between Uber and BYD will provide Uber drivers with competitive pricing and financing options for BYD's EV models. In addition, drivers will receive benefits from various discounts on vehicle maintenance, charging, financing, and leasing, tailored to specific markets. The partnership between Uber and BYD comes as high vehicle prices and increased borrowing costs have slowed the adoption of electric vehicles, despite rising climate change concerns and the global push for reduced greenhouse gas emissions.

Uber's shares saw a boost of approximately 2.5 per cent in premarket trading following the announcement. The partnership between Uber and BYD is expected to accelerate Uber’s transition to electric vehicles. Dara Khosrowshahi, (Uber CEO) has highlighted the significant emissions benefits of EVs for drivers who spend more time on the road. Khosrowshahi said, “When an Uber driver makes the switch to an EV, they can deliver up to four times the emissions benefits compared to a regular motorist,”

The companies also plan to collaborate on integrating BYD’s vehicles with self-driving technologies on Uber’s platform. This move comes as BYD, which outperformed Tesla last year as the world’s largest EV manufacturer, continues to compete with Tesla, which is set to unveil its robotaxi product in October.

In the US, Uber is already working with Tesla to promote EV adoption among its drivers, aiming to achieve emission-free operations in US and Canadian cities by 2030. This partnership with BYD represents a significant step in Uber's more comprehensive strategy to enhance its sustainability and expand its electric vehicle fleet globally.

(with Reuters input)