London-based EV maker Arrival soars 10% after announcing a vehicle-development partnership with Uber
- Shares of London-based electric automaker
Arrivalsoared Tuesday after the company struck a deal with Uberto develop a vehicle for ride-hailing drivers.
- Arrival said the car will reduce emissions as Uber has pledged for its London-based service to go fully electric by 2025.
- The Arrival Car's design is expected to be shown by the end of 2021.
Shares of London-based electric automaker Arrival surged as much as 10% on Tuesday after the company said it will partner with Uber to develop a vehicle for ride-hailing drivers.
No financial terms of the agreement were disclosed. Uber in 2020 said it's aiming for its London-based service to feature all electric vehicles by 2025.Despite Tuesday's surge, Arrival's stock is still down roughly 32% in 2021, although it is now up 97% over the past 12 months. Uber slid 2%.
A typical ride-hailing vehicle is driven, on average, for 45,000 kilometers to 50,000 kilometers a year compared with 12,000 kilometers for a typical vehicle, said Arrival. Uber said it has raised more than £135 million ($189 million) to support drivers with the cost of switching to a fully
Uber has also said wants its platform to have all electric vehicles by 2030 across Europe and North America.
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