Multi-market agreement to offer best-in-class EV pricing and financing for Uber drivers

Companies to work together on fleet management solutions for BYD’s autonomous-capable vehicles deployed in Uber’s network. In a groundbreaking move aimed at supercharging the weak global adoption of electric vehicles (EVs), Uber Technologies, Inc. (NYSE: UBER) has joined forces with BYD Co. Ltd. in a multi-year strategic partnership.

The collaboration aims to bring 100,000 new BYD electric vehicles to the Uber platform in key global markets, starting in Europe and Latin America, with an eventual plan for expansion into the Middle East, Canada, Australia, and New Zealand.

Global Reach Expansion

In that perspective, it is a milestone for the leaders in ride-hailing and electric vehicle manufacturers to work together in reducing the total cost of owning an EV for Uber drivers. Uber has the world’s most widely available on-demand EV network, while BYD is a global leader in producing EVs. The partnership is bound to significantly ramp up the establishment of an EV ecosystem among millions of riders on the app.

The agreement will make available best-in-class pricing and financing for BYD vehicles to Uber drivers. Existing driver surveys have indicated that EV pricing and financing availability are key barriers to adoption. Affordability thus makes BYD vehicles well-suited for rideshare operations in the face of the huge cost of non-availability of vehicles for such services.

Support for Drivers

Furthermore, to help drivers make this shift to EVs, Uber and BYD will provide discounts on charging, vehicle maintenance, insurance, financing and lease offers tailored for markets. This all-rounded package of support will enable the transition to EVs for all of our drivers working on Uber to be as seamless and cost-effective as possible.

The companies will also collaborate on future BYD autonomous-capable vehicles to be deployed on the Uber platform. With more than 25 billion trips in the past quarter alone, and operations in over 10,000 cities across more than 70 countries, Uber stands in a great position to bring autonomous vehicle technology into the hands of a global audience and transform urban mobility.

Leadership Comments

Chuanfu Wang, BYD Chairman and President, happy to match up with Uber: “Uber and BYD share a commitment to innovate towards a cleaner, greener world, and I am very excited to work together towards that future.”

Dara Khosrowshahi, CEO at Uber, highlighted the benefits the partnership would bring to drivers, riders, and cities: “As the largest global agreement of its kind, we are so pumped about what this partnership is going to deliver. That means when an Uber driver switches to an EV, the potential delivery of up to four times the emissions benefits, simply because they are on the road more, compared to a regular motorist. Many riders also tell us their first experience with an EV is on an Uber trip, and we’re excited to help demonstrate the benefits of EVs to more people around the world.”

According to Stella Li, BYD’s executive vice president and CEO of BYD Americas, “We are excited to partner with a global leader such as Uber to not only rapidly accelerate the adoption of electric vehicles but also to make green transportation both accessible and affordable to all.”. This will really usher in a new era for urban mobility electrification, and we look forward to our leading-edge EVs becoming a common sight in urban environments around the world.

The Road Ahead

Earlier this year, Uber CEO Dara Khosrowshahi praised Tesla CEO Elon Musk and suggested a potential collaboration between the two. Brand, technology, global presence—Uber has all these features to dominate the autonomous vehicle market.

In a global gig workers community of over 7 million, Uber’s plans to introduce 100,000 BYD vehicles may sound modest, but this surely is one integral step toward a more sustainable and electric future. On the other hand, Tesla has controversies and safety concerns despite 400,000 car owners who have Full Self-Driving software.

This strategic partnership can make Uber and BYD leading companies in the global drive to accelerate the mass transition to electric vehicles, enabling green transportation to become more available and less costly for drivers and riders alike.

Emon Vaid

Emon is a IT Marketing business analyst with over 7 years of experience. Emon specializes in analyzing business processes and identifying opportunities for improvement, ensuring that companies achieve their strategic objectives efficiently and effectively.