Arrival and Uber hail plans for purpose-built electric car
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Arrival and Uber hail plans for purpose-built electric car
Arrival today teased the design for its new electric car, which is to be developed in partnership with Uber / Credit: Arrival
Electric van and bus specialist announces it is working with global ride-hailing giant to develop affordable electric vehicle for taxi fleets
Author Bio
Howard grew up in Philadelphia watching the Philly sports teams struggle for championships. He has been investing since 1989 and been a Fool since 2001. Prior to joining The Fool as a contract writer in 2019, Howard worked in the steel business as an engineer for 28 years. When he isn’t writing, he is usually out for a run, or relaxing to the music of the Grateful Dead.
What happened
Shares of electric-vehicle maker
Arrival (NASDAQ:ARVL) jumped by as much as 10% on Tuesday morning before giving back some of those gains. As of 12:15 p.m. EDT, the stock was still up by about 4.3% on the day.
United Parcel Service Inc (NYSE: UPS) last year, which also owns a stake in Arrival.
“We have a great partnership with UPS . and we hope to replicate that success with Uber as we develop the best possible product for ride hailing,” Arrival Senior Vice President Tom Elvidge said in a statement, as noted by Gizmodo.
The EV startup claims it is able to keep costs low and competitive thanks to its vertical integration business model that relies on in-house components, materials and software.
The company has already built a few prototype vans but is yet to begin testing them on public roads. Arrival had earlier this year told Benzinga it expects to start production of its electric buses by the fourth quarter of 2021, and electric vans are slated to launch in the second quarter of 2022.
By Syndicated Content
By Nick Carey
LONDON (Reuters) â British electric van and bus maker Arrival will develop an electric car for Uber Technologies Inc that will go into production in late 2023, the two companies said on Tuesday.
Arrival and Uber will also explore a strategic relationship in key markets, including the United Kingdom, European Union and United States.
The âArrival Carâ will be an âaffordable, purpose-built electric vehicle for ride-hailing,â and will go into production in the fourth quarter of 2023, the companies said.
Uber plans to be a fully electric mobility platform in London by 2025, and across North America and Europe by 2030. The company has raised more than 135 million pounds ($188 million) to help its drivers in London upgrade to an electric vehicle by 2025.
Uber joins UK tech firm to make electric ride-hailing car msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.