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Uber Leads $20 Million Investment in Everest Fleet to Accelerate Transition to Electric Vehicles
Uber has recently invested $20 million in Mumbai-based fleet management company Everest Fleet, which has over 10,000 vehicles running on rideshare platforms Uber and Ola throughout India. The company plans to use these funds to speed up the transition to electric vehicles and aims to have 10,000 EVs in its fleet by 2026. This investment comes as Uber recently launched Uber Green in India, an option for riders to choose a hybrid or electric vehicle to reach their destination.
Why is Everest Fleet Important for Uber in India?
In India, Uber has heavily relied on fleet management companies like Everest to provide drivers with access to vehicles. These larger fleets are better equipped to manage challenges like battery charging at scale and securing bulk commitments from EV manufacturers. Ruchica Tomar, an Uber spokesperson, comments: “As Uber in India continues on its path to electrification, larger fleets like Everest will become increasingly important.” It’s worth noting that meeting the growing demand will not be easy given that EVs have yet to become affordable for Indian drivers.
Uber’s Sustainability Goals in India
Uber has set a target of bringing over 1 million EVs to its platform in India and South Asia and has signed a deal with India’s Tata Motors to bring 25,000 EVs into its fleet in partnership with fleet providers like Everest, as well as Lithium and Moove. The ride-hailing giant also aims to reach carbon neutrality by 2040. The launch of Uber Green in India serves as a key part of Uber’s commitment to this goal.
The Future Plans of Everest Fleet
Everest Fleet currently operates in Mumbai, Delhi, Bangalore, Hyderabad, Chennai, Kolkata, and Pune. The company hopes to utilise the funds to expand its operations to other major Indian cities and the global market. Prabhjeet Singh, President of Uber India and South Asia, commented in a statement: “Everest has grown its fleet at an impressive pace and has set new industry benchmarks in asset utilisation. With the addition of new cars, including electric vehicles, Uber will continue to deliver a great service experience to riders.”
Conclusion
Uber’s investment in Everest Fleet represents an enormous step towards achieving its sustainability goals in India and South Asia. Providing access to EVs to riders can help Uber to reduce its carbon footprint and also help the Indian government to achieve its ambitious green objectives.
FAQs
What is Everest Fleet?
Everest Fleet is a Mumbai-based fleet management company with over 10,000 vehicles on rideshare platforms Uber and Ola throughout India.
Why did Uber invest in Everest Fleet?
Uber invested in Everest Fleet to accelerate the transition to electric vehicles (EVs) in India. The larger fleet will help to manage the challenges of battery charging at scale and securing bulk commitments from EV manufacturers in India.
What is Uber Green?
Uber Green is a new option for riders to choose hybrid or electric vehicles to reach their destination. This is a significant part of Uber’s commitment to reaching carbon neutrality by 2040.
What are Uber’s sustainability goals in India?
Uber aims to bring over 1 million EVs to its platform in India and South Asia and to reach carbon neutrality by 2040. To achieve this, it signed a deal with India’s Tata Motors and partnered with fleet providers like Everest, Lithium, and Moove.
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