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Tesla's top rival has just revealed a collaboration with Uber

Tesla's top rival has just revealed a collaboration with Uber

BYD, Tesla's major competitor, has announced a significant partnership with Uber, offering a substantial boost to its presence in the electric vehicle (EV) market. The collaboration will provide Uber drivers with discounts on 100,000 new BYD EVs, with plans to expand this offer to Europe and Latin America initially, followed by the Middle East, Canada, Australia, and New Zealand. Specific rollout dates have not yet been disclosed.

Wedbush analyst Matt Bryson noted that the deal seems designed to encourage Uber drivers to opt for BYD vehicles due to the attractive pricing. The partnership might also include discounts on charging, maintenance, and insurance, which could serve as additional incentives for drivers.

This venture is not Uber's first attempt at vehicle leasing for drivers. In 2015, Uber launched Xchange Leasing, allowing drivers to lease vehicles. However, this business was sold before Uber's IPO and has since folded. Uber also exited the car rental market in Singapore in 2018. The new BYD partnership could indicate Uber's recognition of the need to make vehicles more affordable for drivers amid ongoing wage concerns.

For BYD, the partnership will increase its global visibility as Uber passengers experience its vehicles. "Many riders tell us their first encounter with an EV is through an Uber trip, and we are excited to introduce more people to the benefits of EVs worldwide," said Dara Khosrowshahi, Uber’s CEO.

The announcement could challenge Tesla, which is already facing stiff competition from BYD and other Chinese EV manufacturers like Nio and Zeekr. BYD produced over 3 million vehicles in 2023, including EVs and hybrids, compared to Tesla's 1.84 million EVs.

The collaboration might also help BYD navigate European Union tariffs on Chinese EVs. As Chinese manufacturers expand their presence in Europe with affordable models, they have captured demand from markets where Western competitors have exited.

In addition to vehicle discounts, BYD and Uber will work together on autonomous driving technology. BYD is investing $14 billion in smart cars, including features similar to Tesla's "Autopilot," which allows hands-free driving in certain conditions. This collaboration could lead to the development of semi- or fully-autonomous vehicles that could rival Tesla's robotaxis, which have faced delays and uncertainty about their market appeal.

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