Photo of Uber at an electric vehicle charging station.

Uber announced this week that the company will help drivers in London convert to cleaner transportation by raising $260 million toward electric vehicle purchases. Many drivers shy away from EVs today because EV sticker prices are higher than for internal combustion engines, and purchase decisions are determined in large part based on the monthly payment rather than the lifetime total cost of ownership.

By transitioning to electric vehicles, drivers will benefit from a lower total cost of ownership and the public will benefit from reduced tailpipe pollution, so Uber’s efforts to help buy down the monthly payments will bring both financial and environmental benefits.

London was targeted because the city plans to have only EVs on the road by 2025. To raise the capital to ease Uber drivers’ transitions, passengers in that market will pay a slightly higher fee per mile to help Uber drivers save up. One hundred percent of the fees will be put into an individual savings account for the driver who earned the revenue. Drivers will have no minimum commitment to using the EV for Uber driving, and if a driver leaves Uber before withdrawing the funds the money will be spent on other clean air initiatives said Uber CEO Dara Khosrowshahi.

For more information about electric vehicles and electric vehicle charging, please contact me via my website or LinkedIn. I also invite you to subscribe to receive future posts via email, view my other posts, and follow me on Twitter.

Uber to Help Drivers Save Up for Electric Vehicles
Tagged on: