Uber Technologies, Inc. (UBER) and Chinese EV maker BYD Co. Ltd. (BYDDF.PK) announced Wednesday a multi-year strategic partnership that will bring 100,000 new BYD electric vehicles onto the Uber platform across key global markets.
Beginning first in Europe and Latin America, the partnership is expected to offer drivers access to best-in-class pricing and financing for BYD vehicles on the Uber platform, and will expand to include markets across the Middle East, Canada, Australia, and New Zealand.
Both companies are EV leaders in their respective categories: Uber has the most widely available on-demand EV network in the world, and BYD is a global leader in EV production.
Together, the companies aim to bring down the total cost of EV ownership for Uber drivers, accelerating the uptake of EVs on the Uber platform globally, and introducing millions of riders to greener rides.
While Uber drivers are going electric five times faster than private car owners, driver surveys show the price of EVs and availability of financing remain the key barriers to switching. BYD vehicles are affordable and have lower costs of maintenance and repair.
To support drivers going electric, the companies' joint efforts may also include discounts on charging, vehicle maintenance, or insurance, as well as financing and lease offers, based on what works best for drivers in a given market.
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