Jan 24, 2020

Uber's new London move with Nissan on electric vehicles

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Uber announced Friday a deal with Nissan to provide up to 2,000 electric Nissan LEAFs to drivers in London at a discount.

The big picture: Electrifying vehicles used by mobility services is important for keeping emissions from ride-hailing in check as it grows.

The intrigue, via CNBC: "The deal with Nissan arrives at a difficult time for the company, which faces being blocked in the U.K.’s capital after Transport for London (TfL) stripped it of its license."

  • "Uber has since appealed the move, and can continue operating in the city while it fights the ban in the courts," they note.

How it works: Some of the money for the program will come from the "clean air fee" that Uber began charging in London a year ago, which supports a fund to help drivers go electric.

  • Uber said it has raised roughly $105 million thus far, and expects to raise over $260 million more over the next few years.
  • Ultimately, Uber hopes to have all London rides be electric by 2025.

Go deeper: Big corporate players launch new electric vehicle group

Go deeper

How Uber, Lyft made traffic worse

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Ride-sharing companies aren't the traffic solution they'd once hoped to be, the Wall Street Journal reports.

The big picture: "Multiple studies show that Uber and Lyft have pulled people away from buses, subways and walking, and that the apps add to the overall amount of driving in the U.S.," per the Journal.

Uber's AB5-related changes haven't been great for California riders

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Prices and wait times have gone up for Uber passengers since the ride-hailing began making changes last month because of a new state law that makes it harder to classify workers as independent contractors, Uber CEO Dara Khorowshahi told analysts on Thursday.

Why it matters: Uber and other companies like Lyft, Postmates, Doordash have aggressively pushed back on the new law, known as AB5, as it threatens their business models.

Uber's 2019 Q4 was slightly better than analyst expectations

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Uber posted its fourth quarter results on Thursday, slightly exceeding analyst expectations, giving its stock a small price bump after market close.

Why it matters: Uber has not only been under growing pressure to show it can turn a profit sooner than later, but the company is facing new regulations in California that threaten its classification of drivers as contractors, instead of employees.