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Uber promises 100% electric cars by 2040, commits $800 million to help drivers switch

Uber Technologies Inc on Tuesday said every vehicle on its global ride-hailing platform will be electric by 2040, and it vowed to contribute $800 million through 2025 to help drivers switch to battery-powered vehicles, including discounts for vehicles bought or leased from partner automakers. Uber said that vehicles on its rides platform in the United States, Canada and Europe will be zero-emission by 2030, taking advantage of the regulatory support and advanced infrastructure in those regions. Uber, which as of early February said it had 5 million drivers worldwide, said it formed partnerships with General Motors and the Renault-Nissan-Mitsubishi alliance. In addition to the vehicle discounts, Uber said the $800 million includes discounts for charging and a fare surcharge for electric and hybrid vehicles, the cost of which would be partially offset by an additional small fee charged to customers who request a "green trip." The deals with GM and the Renault alliance focus on the U.S., Canada and Europe. Uber said it was discussing partnerships with other automakers. Uber's plan follows years of criticism by environmental groups and city officials over the pollution and congestion caused by ride-hail vehicles and calls for fleet electrification. Lyft Inc, Uber's smaller U.S. rival, in June promised to switch to 100% electric vehicles by 2030, but said it would not provide direct financial support to drivers. Uber said its goal is to reduce the overall cost of ownership for electric vehicles, which are currently more expensive than gasoline cars. The company also released data on its emission footprint and said it would publish reports going forward. Before the pandemic, electric cars accounted for only 0.15% of all U.S. and Canadian Uber trip miles — roughly in line with average U.S. electric car ownership. At around 12%, the share of plug-in hybrid and hybrid cars was roughly five times as high as the U.S. average. Ride-hail trips overall account for less than 0.6% of transportation-sector emissions, according to U.S. data, but the total number of on-demand vehicles has significantly increased since Uber's launch nearly a decade ago, with 7 billion trips last year, according to Uber's February investor presentation. Uber said its U.S. and Canadian trips with a passenger produce 41% more carbon dioxide per mile than an average private car once miles spent cruising between passengers are included. Uber's plans could be a boon to the auto industry.

Mitsubishi D:X Concept previews the next Delica off-road van

Besides the Montero/Pajero and the Lancer Evo, perhaps Mitsubishi's most famous model is the Delica. It's a minivan, but it also has serious off-road chops, and it has had them for decades. At the Japan Mobility Show, Mitsubishi showed the D:X Concept, which is a look a the future of the go-anywhere van. The look is almost that of a steroidal VW I.D. Buzz, but it works. It's chunky and aggressive, and of course it has huge tires. The single-box shape is a longstanding tradition of the Delica line for maximum interior space. Noteworthy are the laser headlights. The vertical sections can project lines ahead of the vehicle to help provide an idea of the vehicle width against the environment in tricky maneuvering at night. The interior features three rows of seats, and the seats can slide and swivel for a variety of configurations. Particularly interesting is the lack of a dashboard, as well as anything ahead of where the dash would be. Instead, a glass panel for the grille and a giant screen showing what's under and ahead of front of the vehicle take up the space. This allows for phenomenal forward visibility, especially useful off road. There is a small dash ahead of the driver and the steering wheel that blends into the door, and this is where instrumentation is displayed. Occupants also can enjoy a Yamaha-tuned sound system. Mitsubishi didn't go into much detail on the powertrain. It's a plug-in hybrid, and we wouldn't be surprised if it operates as a series hybrid like the Mitsubishi Outlander PHEV. And that of course means that the D:X still powers all four wheels, as a Delica should. Mitsubishi also didn't share any sort of production plans. But we expect that a new Delica is on the way that will at least look a lot like this concept, even if some features such as the dash-free interior might not make it. Sadly, we don't expect it to come to America, just like the current Delica. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Mitsubishi hopes to raise $2.5B with stock sale

Mitsubishi, which dates all the way back to 1870, is one of the oldest business collectives in Japan. Today, the various businesses that share the Mitsubishi name are largely independent of each other. The automotive unit, however, has fallen on hard times over the past few years.
Back in 2004 and 2005, Mitsubishi Motors sold billions of preferred shares to sister companies like Mitsubishi UFJ Financial Group, Mitsubishi Heavy Industries and Mitsubishi Corp. Now the automaker is preparing to buy back those shares, only to raise the capital, it's selling $2.5 billion worth of shares, simultaneously paying stock dividends for the first time in over 16 years.
The stock issue will reportedly include as many as 241 million shares at a value of $10.73 each. The move is part of a long-term reorganization being implemented by the automaker's president Osamu Masuko, and is expected to help the company double its net income and eliminate all outstanding preferred shares by the end of the fiscal year closing in March.