Stellantis N.V. STLA and Uber Technologies UBER have announced a collaboration with Free2Move to offer electric vehicles (EVs) on a rental basis to drivers for the French market. Uber intends to offer 100% green vehicles (hybrid or electric) by 2025. Free2Move will support Uber in its plans.
To bolster the transition to cleaner vehicles, Free2move is providing access to Stellantis’s diverse range of EVs, namely e2008, ë-C4, Mokka-e, Zafira-e, e-SpaceTourer, e-Traveller, e-Rifter, e-Berlingo, Combo-e Life, Vivaro-e and Citroen eC4 X.
Uber has also joined the EV race and is focused on electrifying the vehicles on its app. The company struck a similar deal in the United States by partnering with Hertz. Presently, 25% of vehicles available on Uber in France are of Stellantis. Through Free2Move, Uber can access Stellantis’ EV offerings in Europe, including Jeep’s first all-electric vehicle.
Free2Move, part of the Stellantis Group, is a mobility tech company created in 2016. It is a renowned service provider with a fleet of more than 450,000 cars that offer rental, car sharing and subscription services. Free2move programs also offer diesel vehicle exchange, easing the transition to EVs. Recently, it acquired Share Now, the market leader and pioneer of free-floating car sharing in Europe. With this acquisition, it continues its growth plan and is expanding its mobility hubs concept to 14 new cities.
Stellantis is driving efforts to spur its electrification progress. In July 2021, it announced ambitious plans to invest more than €30 billion between 2021 and 2025 in electrification and software development. It aims to cover 40% of sales in the United States and 70% of sales in Europe from low-emission vehicles by 2030. It also targets 50% of passenger car and light-duty truck BEV sales mix in the United States and 100% of passenger car BEV sales mix in Europe by the end of this decade.
In March, it launched the Dare Forward 2030 plan to aid its transition to a carbon net-zero entity by 2038, with a 50% reduction by 2030. The auto giant aims to double net revenues to $335 billion annually by 2030 and maintain double-digit profit margins as it looks to ramp up efforts to launch electric versions of its cars. Through the partnership with Uber, Free2Move underlines Stellantis’ vision to halve its carbon emissions.
Last week, Stellantis announced two major initiatives in the Italian industrial space to support its global electrification transformation and aggressive de-carbonization targets. Stellantis and its joint venture partner, Punch Powertrain, signed an agreement to increase production of the future-generation electrified dual-clutch transmissions for Stellantis hybrid and plug-in hybrid electric vehicles. The upgraded facility will be built within the Mirafiori Complex in Italy. In another development, the company stated that the Mirafiori Complex will house a Circular Economy Business Unit for sustainable usage of vehicles and parts.
Together, Stellantis, Free2Move and Uber have a laudable vision to reduce the environmental impact that the mobility sector has on the environment.
Stellantis, which belongs to the Zacks Auto-Tires-Trucks sector, competes with top-notch peers like Tesla TSLA and Volkswagen VWAGY in the EV race.
Banking on the growing adoption of EVs and the soaring popularity of its vehicles, especially the Models 3 and Y, Tesla has established itself as the leader in the e-mobility space. Production ramp-up at Gigafactory 4 (in Berlin) and 5 (in Austin) and introduction of new models, including Semi and Cybertruck from next year, are set to support delivery growth.
Volkswagen is working toward a rapid transition to all-electric vehicles. Its Accelerate strategy, launched in August, projects that by 2030 the auto magnate will generate 70% of its sales in Europe from all-electric vehicles. The company also expects 100% of its new vehicles in major markets to be carbon-free by 2040.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Tesla, Inc. (TSLA) : Free Stock Analysis Report
Volkswagen AG Unsponsored ADR (VWAGY) : Free Stock Analysis Report
Uber Technologies, Inc. (UBER) : Free Stock Analysis Report
Stellantis N.V. (STLA) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research