UK electric vehicle company Arrival partners with Uber

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imageStock Markets1 hour ago (May 04, 2021 11:03)

© Reuters.

By Samuel Indyk

Investing.com – UK based electric vehicle company Arrival has announced it has partnered with Uber to develop a purpose-built ride-hailing electric vehicle.

Arrival (NASDAQ:ARVL), which is now listed on the NASDAQ after a SPAC merger in March, said the vehicle will be designed in partnership with Uber (NYSE:UBER) drivers, who will be invited to join the design process and ensure the vehicle meets their needs.

The final design is expected to be revealed by the end of the year with the vehicle expected to enter production in Q3 2023.

“The Arrival Car will address the global need to shift ride-hailing and car sharing services, with over 30 million estimated drivers across the ride-hailing sector, to electric to reduce emissions and improve air quality in cities,” Arrival said in a statement.

A typical ride-hailing vehicle will cover 45,000-50,000km per year on average, compared to 12,000km for a typical vehicle.

Arrival has said they will prioritise driver comfort, safety and convenience while ensuring passengers enjoy a premium experience.

“We are confident that electrifying ride-hailing vehicles will have an outsized impact on cities, and we are keen to support drivers as they manage this transition,” said SVP Arrival Mobility Tom Elvidge. “We have a great partnership with UPS (NYSE:UPS) to create a best-in-class electric delivery vehicle, and we hope to replicate that success with Uber as we develop the best possible product for ride hailing that elevates the experience of the passenger and improves drivers’ health, safety and finances.”

Uber launched its Clean Air Plan in London two years ago and since then they have raised more than £135mln to support drivers with the cost of switching to electric vehicles.

“Uber is committed to helping every driver in London upgrade to an EV by 2025, and thanks to our Clean Air Plan more than £135m has been raised to support this ambition,” said Uber’s Regional Manager for Northern and Eastern Europe Jamie Heywood. “Our focus is now on encouraging drivers to use this money to help them upgrade to an electric vehicle, and our partnership with Arrival will help us achieve this goal.”

UK electric vehicle company Arrival partners with Uber

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