Chinese automotive giant BYD and American ride-hailing service Uber have revealed that they are teaming up to put a whopping 100,000 battery electric vehicles on roads in major markets outside the United States. A recent Bloomberg report noted BYD is set to provide Uber with tens of thousands of electric cars to run under its ride-hailing service in Canada, Europe, the Middle East, Latin America, New Zealand and Australia, with lower vehicle financing and pricing for drivers.
The United States, currently one of the largest electric-vehicle markets in the world, was conspicuously absent from Uber and BYD’s agreement. This is most likely because the Chinese automakers are largely locked out of the U.S. market. Even so, it represents a significant effort by Uber to electrify its global fleet as dozens of countries worldwide strive to reduce their reliance on fossil fuels in the race to carbon neutrality.
Earlier this year, Uber CEO Dara Khosrowshahi stressed that Uber’s electrification plans were not progressing as speedily as the company initially planned. Many Western automakers have also experienced a notable slowdown in EV sales in recent months, largely due to high electric vehicle prices, high interest rates and rising living costs.
However, while several companies have scaled back their electrification plans in response to the market, Uber is set on putting up to 100,000 EVs on the road in several major markets. The deal is also a significant win for BYD, a Chinese company that has seen explosive growth in recent years and has even given Tesla a run for its money as the largest EV producer on the globe.
After enjoying massive sales within the Chinese market for several years, BYD is now set on expanding into foreign markets where it hasn’t gained a foothold yet. According to BYD Americas chief executive office Stella Li, BYD looks forward to a future where its “cutting-edge electric vehicles” prowl the world’s cities.
However, the two companies will have to navigate an increasingly complex environment before they can bring their plans to fruition. China has all but monopolized the entire EV supply chain and currently has the potential to outcompete foreign carmakers in their markets due to its low EV prices, a fact that has left many Western policymakers quite disconcerted.
Consequently, tensions between the United States and China have been high as America has taken significant steps to keep China out of its budding electric vehicle industry. The European Union has also begun levying import tariffs of up to 38% on Chinese EVs, and Canadian authorities say they are considering similar tariffs.
As more EVs roll onto roads around the world, the overall industry, including companies such as Lucid Motors (NASDAQ: LCID), will benefit from the increased confidence and uptake of these vehicles.
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