Uber Teams Up With Elon Musk's Tesla To Enter Japan's Taxi Market Following Government's Ridesharing Policy Shift: Report
Portfolio Pulse from Benzinga Neuro
Uber Technologies Inc is partnering with Tesla Inc to launch a taxi service in Japan, leveraging Tesla's Model Y vehicles. This move follows Japan's policy change allowing ridesharing services and aims to address the shortage of taxi drivers. Uber plans to start with 30 Tesla vehicles and expand to 100 EVs by 2024. The service will cost about 20% more than local fares. Uber is investing $800 million to transition to EVs globally, with goals to be fully electric in the US and Canada by 2030, and worldwide by 2040. The company has also integrated London's black cabs into its platform and offered discounts to Uber drivers on Tesla cars.
December 27, 2023 | 4:27 am
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POSITIVE IMPACT
Tesla's collaboration with Uber for the Japanese taxi market could increase the demand for Tesla's Model Y, positively impacting sales.
Tesla's involvement in Uber's Japan venture is expected to have a positive impact on the company's stock as it could lead to increased vehicle sales and reinforces Tesla's position in the ridesharing EV market.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Uber's entry into Japan's taxi market with Tesla's EVs could boost its international presence and align with its sustainability goals.
Uber's expansion into Japan with Tesla's electric vehicles is likely to be viewed positively by investors, as it aligns with global trends towards sustainability and could potentially open up a new revenue stream in a previously untapped market.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90