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Uber Pulls Back From Electric Cars, Slashing Incentives for Drivers (financialpost.com) 35

Posted by msmash from the change-of-heart dept.
Uber has discontinued its monthly electric vehicle bonuses for drivers in the United States and Canada, marking the latest in a series of rollbacks from a company that once pledged to pour $800 million into helping its drivers transition away from gasoline-powered cars. The ride-hailing giant had previously eliminated its $1-per-ride EV perk last year, replacing it with monthly bonuses that required drivers to complete 200 rides. Those monthly payments are now gone too.

The company is far behind its self-imposed climate targets. Uber had pledged to reach 100% EVs in London by 2025 and across North America and Europe by 2030. Current figures paint a different picture: roughly 40% of miles in London come from EVs, while Europe sits at about 15% and North America at just 9%. The company's emissions have nearly doubled over the past three years and now exceed Denmark's total carbon footprint. Uber executives acknowledged to Bloomberg that they will likely miss their green targets. The company has doled out $539 million of its $800 million pledge through the end of 2024. Meanwhile, Uber's operating profits are set to double this year, and the company recently committed $20 billion to stock buybacks.
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Uber Pulls Back From Electric Cars, Slashing Incentives for Drivers

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  • Next up from the marketing department: AI determining driver routes.

    • Re: (Score:2)

      by larwe ( 858929 )

      Next up from the marketing department: AI determining driver routes.

      Erm.... doesn't Uber already integrate with Google Maps, and doesn't every driver use live navigation software of some kind (not necessarily GMaps)... in which case, this is already true - no?

      • Since when has a marketing department cared if something is already in use? Or anything including truth, really?

  • Does this mean that it was corporate greenwashing all along?

    Yes. If you didn't se that way back then you weren't looking.

  • It's cheaper to maintain and drive an EV per mile than an ICE. People who know they want to Uber for a living tend to pick an EV when selecting a vehicle because it has a lower cost per mile and that savings goes right in your pocket.

    The claim that corporation XYZ is "on a journey toward being more green" was always a scam and I never believed it, and politically the time is right for companies to pretend to act surprised that they won't meet their "green targets" because it might cost them money...so it

  • Uber's operating profits are set to double this year, and the company recently committed $20 billion to stock buybacks.

    So share buybacks of ~50% more than gross debt? Uber could pull themselves completely out of debt over the next few years but instead are dedicating that profit towards buyback of shares.

    Do share buybacks typically increase the value of existing shares more than simply paying down debt would?

  • If EVs are so great, there should be plenty of incentive for uber drivers to use EVs. Climate uber alles!

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