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Uber's Mobility Platform to be 100% Zero-Emission by 2040

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In an effort to reduce the environmental impact of its mobility business, Uber Technologies Inc (UBER - Free Report) commits to transition to a zero-emission platform entirely by 2040. Meanwhile, the company expects that by 2030, 100% of the rides will take place in electric vehicles (“EVs”) in the United States, Canada and Europe. To this end, Uber has committed to provide $800 million to help drivers switch to EVs by 2025.

Drivers operating EVs can earn as much as $1.50 extra for every Uber Green trip completed. Uber Green rides are either on EVs or hybrid vehicles and they produce up to 44% lesser carbon emission than a gas-powered car. Uber Green will be available in more than 65 cities across the globe by the end of this year.

Uber, carrying a Zacks Rank #3 (Hold), has collaborated with electric carmakers such as GM in the United States and Canada and Renault-Nissan in Europe, to provide drivers with attractive offers on electric vehicles.

Ride-hailing services such as those provided by Uber and Lyft (LYFT - Free Report) are believed to generate approximately 50% more carbon emissions than private-car trips. In June, Lyft, carrying a Zacks Rank #3, announced plans to switch to electric vehicles entirely by 2030. The company feels that the transition would be highly beneficial to its drivers. Although upfront costs of electric vehicles are currently greater than gas-powered cars, the former means reduced costs for drivers in the long run, since they have lower fuel and maintenance expenses.

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