California Considers 90% Electric Vehicle Mandate For Uber And Lyft By 2030

California regulators are set to discuss imposing on ride-hailing companies Uber (NYSE: UBER) and Lyft (NASDAQ: LYFT) a mandate to log 90% of their total mileage in electric vehicles by 2030. The proposed regulation comes at the heels of the US government’s push of its electric vehicle agenda.

The California Air Resources Board is set to discuss the proposal which aims to further curb the climate impact of emissions from ride-hailing fleets. In comparison, Uber and Lyft logged less than 1% of miles traveled in electric vehicles in 2018, up from 0.05% in 2014.

Under the proposal, Uber and Lyft drivers must log 2% of miles traveled in electric vehicles by 2023, 30% by 2026, and 90% by 2030.

Both ride-hailing companies have expressed agreement to the proposal but are asking for state support and flexibility in implementing the mandate. In a statement written to the regulatory board, Lyft says, “While we are pleased to see aggressive environmental targets, we are disappointed that the efforts of the past years have culminated in metaphorical sticks with no carrots.”

On the other hand, advocate groups and drivers are calling to ensure that the companies cover the costs of electrifying their fleets, and not to be passed on drivers. Nicole Moore of the Rideshare Drivers United argues, “This is going to basically be a green badge of honor for Lyft and Uber, when it’s the drivers that are paying for this conversion. And it’s not right.”

Lyft has previously pledged to electrify its entire fleet by 2030 while Uber has a 2040 full electrification goal for US, Canada, and European cities.

Uber last traded at US$49.47 on the NYSE while Lyft last traded at US$52.21 on the Nasdaq.


Information for this briefing was found via EnergyNews and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Goliath Resources Hits 10.60 g/t Gold Over 22.82 Metres, Highest Grade Results In Third Distinct Rock Package At Surebet Discovery

Four Countries Control the Fertilizer That Feeds the World | Sage Potash

$10,000 Gold Is Just A Question of Time | Florian Grummes

Recommended

ESGold Outlines $24.3 Million NPV For Tailings Reprocessing Project

First Majestic Encounters 711 g/t Silver Equivalent Over 8.0 Metres In Ongoing Exploration At Los Gatos

Related News

Private EV Developer Bollinger Motors Exits Pickup Truck and SUV Business Despite 30,000 Pre-Orders

On January 14, 2022, the private start-up electric vehicle (EV) manufacturer Bollinger Motors announced it...

Sunday, January 16, 2022, 09:00:00 AM

EPA Seems To Keep Pushing EVs That “Consumers Don’t Want”

The U.S. Environmental Protection Agency (EPA) on Wednesday revealed its long-anticipated final national pollution standards...

Thursday, March 21, 2024, 03:10:00 PM

No Government Bailout for Northvolt, Says Swedish Prime Minister

Northvolt will need to figure its future out on its own, it appears. Swedish Prime...

Tuesday, September 17, 2024, 08:00:09 AM

Uber’s Revenue Soars 20% in Q3, Yet Shares Drop on Missed Growth Expectations

Uber Technologies Inc. (NYSE: UBER) released its third-quarter 2024 earnings report on Thursday, presenting a...

Thursday, October 31, 2024, 09:46:17 AM

Uber “Currently Responding To A Cybersecurity Incident” While The 18-Year Old Hacker Openly Discusses How He Did It

Uber Technologies, Inc. (NYSE: UBER) said on Friday that it is “currently responding to a...

Friday, September 16, 2022, 10:14:00 AM