Uber (UBER.N) and Chinese automaker BYD (002594.SZ) announced a multi-year partnership on Wednesday aimed at bringing 100,000 new electric vehicles to the ride-hailing platform globally.
The partnership will begin in Europe and Latin America, offering drivers accessible pricing and financing for BYD's EVs on the Uber platform. This initiative will subsequently expand to markets in the Middle East, Canada, Australia, and New Zealand.
Following the announcement, Uber's shares rose about 2.5% in premarket trading.
BYD's U.S. rival, Tesla (TSLA.O), is set to unveil its robotaxi product in October as it pivots after EV sales fell in the first two quarters of the year.
Though BYD surpassed Tesla last year as the world's largest electric vehicle maker, Tesla has since regained the top spot. In January, Uber announced it was working with Tesla to promote the use of EVs by its drivers in the U.S., aiming to become emission-free in U.S. and Canadian cities by 2030.
The partnership will begin in Europe and Latin America, offering drivers accessible pricing and financing for BYD's EVs on the Uber platform. This initiative will subsequently expand to markets in the Middle East, Canada, Australia, and New Zealand.
Following the announcement, Uber's shares rose about 2.5% in premarket trading.
BYD's U.S. rival, Tesla (TSLA.O), is set to unveil its robotaxi product in October as it pivots after EV sales fell in the first two quarters of the year.
Though BYD surpassed Tesla last year as the world's largest electric vehicle maker, Tesla has since regained the top spot. In January, Uber announced it was working with Tesla to promote the use of EVs by its drivers in the U.S., aiming to become emission-free in U.S. and Canadian cities by 2030.