Uber Technologies, Inc. [NYSE: UBER] and Arrival [NASDAQ: ARVL] has partnered to create an EV for ride-hailing drivers. The new vehicle will be created taking assistance from the ride-hailing app’s drivers. Arrival declared that it is anticipating disclosing the final design of the vehicles before the completion of the following year.
Arrival disclosed that the vehicle production will commence in the third quarter of 2023. Through the partnership, ARVL has asked the Uber drivers to help the company in the designing process. The decision to take help from the Uber driver to the design process to ensure the vehicles are assembled to fulfill their needs.
On the other hand, UBER is exploring ways to fulfill the pledge it made last year to become a fully electric mobility platform by 2025 in London, 2030 in North America and Europe, and platform-wide by 2040. Uber has recently rolled out Uber Green. Uber Green offers passengers the option to choose an EV at no extra cost and drivers an option to pay a lower service fee, part of an $800 million project to get more drivers in EVs.
Shares of Arrival soared 2.48% as it gained +0.43 at the time of writing on Tuesday. It has recorded a trading volume of 1.46 million as compared to the average volume of 1.89 million. On the other hand, shares of Uber plunged 4.21% as it lost -2.31 at the time of writing on Tuesday. Uber’s market capitalization has remained high, reaching $102.72 billion at the time of writing.
The collaboration of Arrival with Uber celebrates Arrival’s first venture into electric car development. Because Arrival concentrates on the commercial space rather than commercial sales, its currently available vehicle models are vans and buses.