Uber Partners with BYD to Provide 100,000 EVs for Drivers

Uber Technologies is collaborating with Chinese automaker BYD to introduce 100,000 electric vehicles (EVs) on its ride-sharing platform.

This significant partnership notably excludes the US market. The agreement, spanning several years, will offer drivers reduced prices and financing options for the vehicles.

The partnership will initially launch in Europe and Latin America, before expanding to the Middle East, Canada, Australia, and New Zealand.

The alliance bolsters Uber's efforts to transition its fleet to electric vehicles, an initiative that CEO Dara Khosrowshahi acknowledged earlier this year was behind schedule.

For BYD, one of the fastest-growing automakers globally, the deal represents a major boost. The company's rapid expansion, driven largely by its success in China’s vast automotive market, now extends to countries where its brand is less established.

Stella Li, BYD’s Executive Vice President and CEO for the Americas, expressed excitement about seeing their advanced electric vehicles become a common sight on city streets worldwide.

Following the announcement, Uber's shares rose by over 2% shortly after regular trading began in New York, while BYD’s shares have increased by more than 6% this year in Hong Kong, boosting its market value to HK$734.6 billion (US$94 billion).

This partnership emerges amidst escalating tensions between Washington and Beijing over the future of the automotive industry.

China has made significant advancements in battery technology and the EV supply chain, prompting the U.S. to counter with punitive tariffs and substantial tax incentives for companies and consumers.

The statement from Uber and BYD did not mention the US, likely due to the effective closure of the market to Chinese automakers. President Joe Biden has pledged to increase tariffs on Chinese EVs to 102.5% this year, up from the 27.5% imposed by former President Donald Trump during his tenure.