Uber news released that the company has partnered with the Chinese auto company BYD to produce “autonomous-capable vehicles” and bring 100,000 BYD electric car vehicles to the taxi app.
The milestone partnership between US and Chinese businesses will provide drivers with lower vehicle costs and funding. This will be implemented first in European and Latin American countries before developing in Australia, New Zealand, and the Middle East.
The deal will provide Uber with 100,000 BYD electric car units, in spite of regulators in the EU and US increasing charges on imports of Chinese vehicles. US President Joe Biden declared that he would increase duties on Chinese EVs, including the BYD electric car provider, by up to 102% this year. This would be a major raise from the 27.5% applied by Donald Trump, the previous president.
In today's Uber news, CEO Dara Khosorowshahi declared: “As the largest global agreement of its kind, we are thrilled about the benefits this partnership will deliver for drivers, riders, and cities.”
In the electric car news on Wednesday, BYD and Uber made a mutual announcement saying: ”By working 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.”
BYD electric car numbers have persisted to beat Tesla in terms of overall eclectic vehicle production for the last two years. BYD has also been spending huge amounts of money on foreign factories.
Mentioning driver reviews, Uber business declared that drivers are moving to electric five times faster than private vehicle owners, but claimed the cost of EVs and accessibility of funding persist as the key obstacles to switching. BYD and Uber business partnerships may also facilitate discounts on charging, car support, or insurance, in addition to financing and leasing advantages.
Uber business shares increased by 2% in premarket trade. The stock has increased by only 2% this year, underachieving the 14% rise for S&P 500 SPX. On the other hand, BYD share stocks listed in Hong Kong increased by 1% in the premarket trading.
In other Uber news, we learned that when asked if the world is ready for self-driving cars, company officials declared that they are “well-positioned to bring autonomous vehicle (AV) technology to a global audience at scale.”
However, in other electric car news, according to the strategic market head in international industrial tech, Rana Charara, self-driving vehicle technology is available and competent, but the Highway Code, infrastructure, and other unknowns have to be modified before expanding the fleet of AVs.
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