BUSINESS & China - Uber and BYD Partner to Accelerate Global EV Transition

Uber and BYD announced a multi-year strategic partnership - (Graphic: Business Wire)

Multi-market agreement to offer best-in-class EV pricing and financing for Uber drivers - Companies also agree to collaborate on future BYD autonomous-capable vehicles to be deployed on the Uber platform

SAN FRANCISCO, USA & SHENZHEN, China -- (BUSINESS WIRE)

Thursday August 1, 2024

Uber Technologies, Inc. and BYD Co. Ltd. today announced a multi-year strategic partnership designed to 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. 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.

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. In addition to their affordability, BYD vehicles have lower costs of maintenance and repair, and are well suited to rideshare due to the wide range of models, superior battery performance, and excellent build quality.

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.

The two companies will also collaborate on future BYD autonomous-capable vehicles to be deployed on the Uber platform. As the largest on-demand mobility and delivery platform in the world, Uber is well-positioned to bring autonomous vehicle technology to a global audience at scale.

"Uber and BYD share a commitment to innovate towards a cleaner, greener world, and I am excited to work together towards that future," said Chuanfu Wang, Chairman and President of BYD.

"As the largest global agreement of its kind, we're thrilled about the benefits this partnership will deliver for drivers, riders, and cities," said Dara Khosrowshahi, CEO of Uber. "When an Uber driver makes the switch to an EV, they can deliver up to four times the emissions benefits compared to a regular motorist, simply because they are on the road more. 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."

Stella Li, Executive Vice President of BYD and CEO of BYD Americas, also commented, "We are elated to join forces with a global leader like Uber to not only accelerate the transition to electric vehicles but also to make green transportation accessible and affordable for everyone. This collaboration marks a new era in the electrification of urban mobility, and we look forward to seeing our cutting-edge EVs become a common sight on the streets of cities worldwide."

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