Can Uber Supercharge The EV Business?

By Douglas McIntyre • August 1, 2024

Social Soup Social Media Pexels

Uber could contribute to putting as many as 100,000 new EVs on the road. The plan, which the two companies recently agreed upon, will give drivers incentives to buy cars from BYD, the huge Chinese EV operator. The Verge says drivers will get “best-in-class pricing and financing.” BYD could pass Tesla in total EV sales.

The deal’s pace will not be overnight. It will start in Europe and Latin America. The Europe part of the plan could be a problem. The EU has placed high tariffs on Chinese EVs. Whether customer demand will change is too early to tell. BYD makes EVs that cost much less than those made in the region. Latin America is, at least in the short term, a more promising market.

EVs In Canada

The next wave of cars sold due to the partnership will be in the Middle East. Australia, and Canada. Canada is in the process of bringing EV tariffs to its car market. These tariffs won’t stop the advance of Chinese EVs.

EV sales continue to face hurdles that could affect Uber driver purchases. These include high sticker prices, ranges that some consumers care about, and a low number of charging stations. Each of these is in the possession of being improved.

If Uber’s deal with BYD works, it will meaningfully affect the growth of the EV market.