Uber expands EV program with $4,000 subsidy for drivers to purchase electronic products

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Uber Technologies Inc UBER.N on Wednesday said it would rebrand its “Uber Green” service to “Uber Electric” and launch a $4,000 subsidy program for drivers as part of the ride-hailing giant’s commitment to zero-emission rides by 2040.

The new grant, dubbed “Go Electric,” will provide eligible drivers $4,000 toward the purchase of a new or used EV in states including California, New York, Colorado, and Massachusetts.

The program, which can be combined with other discounts and state-level incentives, could be critical to Uber’s efforts to meet its climate goals and competitiveness in the green mobility race, and could potentially cut thousands more off the list price even if the federal tax incentives end.

A $7,500 federal tax credit for new electric vehicle purchases introduced during President Joe Biden’s term expired last month, making EVs more expensive for buyers.

Earlier this year, Uber transitioned its Uber Green service in the U.S. to an all-electric model, moving away from a mix of hybrid and all-electric vehicles.

Uber says it currently has more than 200,000 EVs on its platform worldwide, and drivers in the U.S., Canada and Europe are electrifying up to five times faster than other drivers. According to the company, one in four passengers said their first EV experience was with Uber.

To celebrate the rebrand, passengers will receive a 20% discount on their next electric trip.

Uber is also expanding its battery-aware matching feature to 25 countries, with the aim of alleviating driver “range anxiety” — the fear that an electric vehicle will run out of charge before arriving at a charging station or completing a trip.

Report by Akash Sriram via Vengurul. muhammad’s reading

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