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Uber Technologies, Inc. (NYSE:UBER) shares rose in Wednesday’s premarket as the company expanded its EV push.
Uber has rebranded its “Uber Green” option as “Uber Electric” and introduced new driver grants, according to Reuters.
The ride-hailing giant aims for a fully zero-emission platform by 2040. The company will provide “Go Electric” grants worth $4,000 to eligible drivers. The money can support new or used EV purchases.
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Grants are available initially in California, New York, Colorado, and Massachusetts. Uber stated that more regions could follow as programs ramp up.
According to Benzinga Pro, UBER stock has gained over 15% in the past year. Investors can gain exposure to the stock via iShares Trust iShares U.S. Transportation ETF (BATS:IYT).
In a separate release, Uber also deepened its autonomy strategy with Avride.
Avride secured strategic capital and commercial commitments from Uber and Nebius Group. The total package could reach $375 million.
The investment builds on a multi-year strategic agreement signed in 2024. Avride plans to launch its Dallas robotaxi service on the Uber app by late 2025. Its delivery robots already complete Uber Eats orders. Operations are currently running in Jersey City, Austin, and Dallas today.
Avride said the funding accelerates fleet growth and product development. The company will expand into additional markets. It will push improvements across perception, planning, and safety systems. Avride emphasized a disciplined, AI-driven technology roadmap.
“We’re excited to continue deepening our partnership with Avride and look forward to introducing their impressive autonomous driving technologies to more people in more markets,” said Sarfraz Maredia, Uber’s global head of Autonomous Mobility & Delivery, reaffirming the partnership’s momentum.
Investors focused on two immediate drivers. First, the consumer-facing EV rebrand simplifies the choice architecture. Second, capital support could speed testing and deployments. These steps target affordability, reliability, and platform growth. They also reinforce Uber’s long-term commitment to reducing emissions.
Price Action: UBER shares are trading higher by 0.13% to $93.15 premarket at last check on Wednesday.
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