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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.

Nissan and Carlos Ghosn settle SEC claims over undisclosed compensation

WASHINGTON — Nissan and its former Chief Executive Carlos Ghosn have agreed to settle claims from the U.S. Securities and Exchange Commission over false financial disclosures related to Ghosn's compensation, an SEC statement said on Monday. Nissan will pay $15 million, while Ghosn agreed to a $1 million civil penalty and a 10-year ban from serving as an officer or director of a publicly traded U.S. company, the SEC statement said. Ghosn was arrested in Japan and fired by Nissan last year. He is awaiting trial in Tokyo on financial misconduct charges that he denies. Former Nissan human resources official Gregory Kelly agreed to a $100,000 penalty and a five-year officer and director ban. Nissan, Ghosn, and Kelly settled without admitting or denying the SEC's allegations and findings. The SEC said in total Nissan in its financial disclosures omitted more than $140 million to be paid to Ghosn in retirement — a sum that ultimately was not paid. The SEC also accused Ghosn in a suit filed in New York that he engaged in a scheme to conceal more than $90 million of compensation. That suit is being settled as part of the agreement announced Monday. Nissan confirmed it had settled the allegations and said it "is firmly committed to continuing to further cultivate robust corporate governance." Nissan provided significant cooperation to the SEC, the agency said. The company now has a new governance structure with three statutory committees — audit, compensation and nomination — and has amended its securities reports for all relevant years. The SEC said beginning in 2004 Nissan's board delegated to Ghosn the authority to set individual director and executive compensation levels, including his own. The SEC said "Ghosn and his subordinates, including Kelly, crafted various ways to structure payment of the undisclosed compensation after Ghosn's retirement, such as entering into secret contracts, backdating letters to grant Ghosn interests in Nissan's Long Term Incentive Plan, and changing the calculation of Ghosn's pension allowance to provide more than $50 million in additional benefits." "Investors are entitled to know how, and how much, a company compensates its top executives. Ghosn and Kelly went to great lengths to conceal this information from investors and the market," said Stephanie Avakian, co-director of the SEC's Division of Enforcement.

2014 Nissan Leaf price climbs $180 to $28,980*, Ghosn predicts sales doubling

A year ago, Nissan changed the fortunes of its all-electric Leaf in the US market by lopping a serious $6,400 off of the price. The entry-level 2012 Leaf started at $35,200, and the 2013 Leaf S instantly became a much better deal since it started at $28,800. For 2014, the trend is in the opposite direction, but only just. The 2014 Leaf S will start at $28,980. The other two trim levels will start at $32,000 for the SV and $35,020 for the SL. Oh well, we can't get a $6k drop every year, can we? What do you get for your extra $180? Well, as described in July, the 2014 model has the rear camera as standard and there is an available voice command navigation system and text message reader. We've got the full specification breakdown and pricing press release below. We doubt the small extra cost will do much to dent the Leaf's current sales upswing. December 2013 was the EV's best sales month ever, and a grand total of 22,610 units in 2013. That's more EVs than Nissan sold in 2011 and 2012 put together. Nissan CEO Carlos Ghosn said earlier today that he thinks US Leaf sales will double, but didn't say when. "We are now on a trend of 3,000 cars a month in the US, which is about 36,000 cars" a year, Ghosn told Automotive News. "The next step is moving up to 4,000 a month, which is going to be approximately 50,000." The prices listed above do not include Nissan's $850 destination fee, but all Leaf EVs can qualify for the $7,500 federal income tax credit, as well as state and local incentives in some areas. NISSAN ANNOUNCES U.S. PRICING FOR 2014 LEAF™ NASHVILLE, Tenn. (January 8, 2014) – Nissan today announced U.S. pricing for the 2014 Nissan LEAF™, which is on sale now at Nissan dealers nationwide. The 100 percent electric LEAF continues to offer outstanding value, with prices comparable to similar gasoline-powered vehicles after applicable tax credits. Sales of the zero emission LEAF in the U.S. and around the world set all-time records in 2013. The 2014 Nissan LEAF is available in three trim levels: LEAF S, SV and SL, along with option packages offering advanced systems such as Around View® Monitor and 7-speaker Bose® audio. Enhancements for 2014 include the addition of the RearView Monitor as standard equipment on all models (previously part of the Charge Package) and one new exterior color – Gun Metallic (seven total available colors).