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TotalEnergies (TTE) Partners Uber to Cut Urban Mobility Emission

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TotalEnergies SE (TTE - Free Report) has decided to partner with Uber Technologies to lower transportation-related emission in France. Per the agreement, TotalEnergies will assist Uber drivers to convert conventional fuel-driven vehicles to electric mode and provide easier access to electric charging point for Uber drivers. The current agreement will primarily focus on France and then might get extended to other European countries.

TotalEnergies’ Electric Mobility Goal

TotalEnergies already has electric charging point networks in the Netherlands. In addition, the company has acquired the electric charging network in London, further expanding footprint in electric mobility in Europe. TotalEnergies has plans to install more than 150,000 electric vehicle charge points by 2025.

It has expertise and technical knowledge to develop electric vehicle charging infrastructure across France. Uber intends to convert 50% of vehicles available on its French platform to electric mode.  TotalEnergies aims to increase its electric charge point to 25,000 in France by 2021-end and more than 75,000 by 2025-end, and Uber drivers will be eligible to access these points.

Infrastructure is Key for EV Success

A proper and accessible electric charging infrastructure holds the key for mass adoption of electric vehicles (EVs) by the common people. Tesla, Inc. (TSLA - Free Report) is developing new and advanced models of EVs. However, if the European countries lack the basic electric charging infrastructure, it will lower EV utilization.

TotalEnergies is playing a crucial role in developing electric vehicle infrastructure in France. Via the agreement with Uber, the company will likely expand the electric vehicle charging infrastructure in other European countries as well.

Clean Energy in Focus

Globally, we have seen an increasing usage of clean renewable energy and urge among energy majors to cut emission levels. Investment in the renewable space involves a lot of growth potential. Given the possibility of increasing the usage of renewable energy, oil and gas companies like Chevron Corporation (CVX - Free Report) and Royal Dutch Shell Plc (RDS.A - Free Report) , among others, are also investing heavily in the renewable energy space.

Price Performance

In the past six month, TotalEnergies’ shares have underperformed the industry.

Zacks Investment ResearchImage Source: Zacks Investment Research

Zacks Rank

TotalEnergies currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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