Here’s everything investors need to know about the deal between Arrival and Uber.
- Arrival has signed an agreement that will have it creating electric vehicles (EVs) for Uber.
- The vehicle is being developed under the name Arrival Car.
- Production is set to start in the third quarter of 2023.
- Uber is bringing in drivers from its service to help with the development of it.
- They will provide insight on what the most need from a ride-hailing vehicle.
- Arrival’s goal is to create an affordable, purpose-built EV for these drivers to use.
- The goal is to have a final design ready to show off by the end of the year.
- Arrival’s deal with Uber also moves forward with the ride-sharing service’s EV plans.
- The company announced it wants to shift completely to EVs in London by 2025.
- It also plans to do the same in North America and Europe by 2030.
- Arrival teaming up with Uber for the company’s EV needs makes sense.
- It already has several bus and van offerings that are also available under its commercial vehicle line.
Tom Elvidge, senior vice president of Arrival Mobility UK, said this about the Uber deal boosting ARVL stock up today.
“Arrival Car will be designed around drivers’ needs to create a vehicle that is affordable, durable and desirable. We have a great partnership with 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.”
ARVL stock was up 2.8% this morning but is down 33% since the start of the year.
Investors that are looking for more EV news can continue reading.
InvestorPlace.com has been covering the EV market extensively as it heats up under President Joe Biden. That includes recent stories concerning Xpeng (NASDAQ:XPEV), ChargePoint (NYSE:CHPT), and various others. Investors can learn more about them at the links below.
More EV Stocks News
- The Global Chip Shortage Is a Relatively Good Problem for XPev
- ChargePoint Stock Is Still the Perfect Way to Plug Into the EV Revolution
- Best Electric Vehicle Stocks in 2021
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.