Uber-rival Lyft is transitioning its fleet to “100 per cent” electric vehicles by 2030.
The California ride-hailing company will work with millions of drivers in the US and Canada, as well as automakers and rental car companies, to make the switch and cut "tens of millions of metric tonnes" of pollutants from entering the atmosphere. The plan is laid out in a blog post published on Wednesday.
“Now more than ever, we need to work together to create cleaner, healthier and more equitable communities,” John Zimmer, co-founder and president of Lyft, said in a statement. “Success breeds success, and if we do this right, it creates a path for others.”
With no industry left untouched by the Covid-19 pandemic, EV demand is forecast to "stagnate" in the US over the next several years, according to consultancy McKinsey. Factors like rolled back regulations on emissions standards and lower oil prices are the main factors.
It will be "a big challenge to get all of [Lyft's] drivers to switch to electric vehicles," according to Silicon Valley media outlet FutureCar.
Electric vehicles accounted for just under 2 per cent of all new vehicles purchased in 2019. They tended to cost more than conventional vehicles, with four out of five of EVs sold in the US purchased from Tesla, according to FutureCar.
Still, Lyft said the environmental imperative demanded action, and sounded a note of optimism on regulation to make EVs cost-competitive with their gas-powered counterparts.
"With transportation recently overtaking electricity as the single largest source of planet-disrupting greenhouse gas (GHG) pollution in the US and the second-largest source in Canada, we believe now is the time for Lyft to lead a radical shift in strategy," the company said.
"If policymakers do their part in the next few years, EVs should reach cost parity with gasoline vehicles by mid-decade," it added.
Uber has not made a similar blanket commitment to EVs, however it partially subsidises electric car purchases for its London drivers, where regulations are more stringent. While it piloted an EV incentive programme in North America beginning in 2018, it never went beyond the initial trail, according to The Verge.
Lyft will start pursuing its ambitious target by converting its Express Drive rental car programme to an all-electric fleet, first by making EVs available to rent at an equal or lesser cost than a gasoline vehicle, according to a white paper the company released this week. It is targeting this shift in its 10 biggest markets by 2023.
But getting drivers, who work as independent contractors and drive their own personal cars, will be the costliest and biggest change.
Lyft did not disclose the amount it plans to invest in incentives. The company said it plans to develop "demand-side interest in EVs and negotiate with auto manufacturers for group discounts for drivers using the Lyft platform”.
Lyft's efforts coincide with the world's biggest auto makers, including General Motors, Volkswagen and the Mitsubishi-Nissan-Renault alliance, making plans to roll out entirely electrified lineups in the next several years.
The specs: Macan Turbo
Engine: Dual synchronous electric motors
Power: 639hp
Torque: 1,130Nm
Transmission: Single-speed automatic
Touring range: 591km
Price: From Dh412,500
On sale: Deliveries start in October
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
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COMPANY PROFILE
Company name: BorrowMe (BorrowMe.com)
Date started: August 2021
Founder: Nour Sabri
Based: Dubai, UAE
Sector: E-commerce / Marketplace
Size: Two employees
Funding stage: Seed investment
Initial investment: $200,000
Investors: Amr Manaa (director, PwC Middle East)
Sholto Byrnes on Myanmar politics
Multitasking pays off for money goals
Tackling money goals one at a time cost financial literacy expert Barbara O'Neill at least $1 million.
That's how much Ms O'Neill, a distinguished professor at Rutgers University in the US, figures she lost by starting saving for retirement only after she had created an emergency fund, bought a car with cash and purchased a home.
"I tell students that eventually, 30 years later, I hit the million-dollar mark, but I could've had $2 million," Ms O'Neill says.
Too often, financial experts say, people want to attack their money goals one at a time: "As soon as I pay off my credit card debt, then I'll start saving for a home," or, "As soon as I pay off my student loan debt, then I'll start saving for retirement"."
People do not realise how costly the words "as soon as" can be. Paying off debt is a worthy goal, but it should not come at the expense of other goals, particularly saving for retirement. The sooner money is contributed, the longer it can benefit from compounded returns. Compounded returns are when your investment gains earn their own gains, which can dramatically increase your balances over time.
"By putting off saving for the future, you are really inhibiting yourself from benefiting from that wonderful magic," says Kimberly Zimmerman Rand , an accredited financial counsellor and principal at Dragonfly Financial Solutions in Boston. "If you can start saving today ... you are going to have a lot more five years from now than if you decide to pay off debt for three years and start saving in year four."
MATCH INFO
Europa League final
Who: Marseille v Atletico Madrid
Where: Parc OL, Lyon, France
When: Wednesday, 10.45pm kick off (UAE)
TV: BeIN Sports
MEYDAN RESULTS
6.30pm Baniyas (PA) Group 2 Dh125,000 (Dirt) 1,400m
Winner ES Ajeeb, Sam Hitchcock (jockey), Ibrahim Aseel (trainer).
7.05pm Maiden (TB) Dh165,000 (D) 1,200m
Winner Galaxy Road, Antonio Fresu, Musabah Al Muhairi.
7.40pm Maiden (TB) Dh165,000 (D) 1,400m
Winner Al Modayar, Fernando Jara, Ali Rashid Al Raihe.
8.15pm Handicap (TB) Dh170,000 (D) 1,900m
Winner Gundogdu, Xavier Ziani, Salem bin Ghadayer.
8.50pm Rated Conditions (TB) Dh240,000 (D) 1,600m
Winner George Villiers, Tadhg O’Shea, Satish Seemar.
9.25pm Handicap (TB) Dh175,000 (D)1,200m
Winner Lady Parma, Connor Beasley, Satish Seemar
10pm Handicap (TB) Dh165,000 (D) 1,400m
Winner Zaajer, Fernando Jara, Ali Rashid Al Raihe
LA LIGA FIXTURES
Friday Celta Vigo v Villarreal (midnight kick-off UAE)
Saturday Sevilla v Real Sociedad (4pm), Atletico Madrid v Athletic Bilbao (7.15pm), Granada v Barcelona (9.30pm), Osasuna v Real Madrid (midnight)
Sunday Levante v Eibar (4pm), Cadiz v Alaves (7.15pm), Elche v Getafe (9.30pm), Real Valladolid v Valencia (midnight)
Monday Huesca v Real Betis (midnight)
The specs: Rolls-Royce Cullinan
Price, base: Dh1 million (estimate)
Engine: 6.75-litre twin-turbo V12
Transmission: Eight-speed automatic
Power: 563hp @ 5,000rpm
Torque: 850Nm @ 1,600rpm
Fuel economy, combined: 15L / 100km
