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Uber's London fleet to have 10,000 EVs from Moove

Published: 08:29 01 Sep 2022 EDT

Tesla Inc -

Uber Technologies Inc (NYSE:UBER) is to partner with a fintech startup to add 10,000 electric vehicles (EVs) to London within the next few years.

Following its launch in India and Nigeria, Amsterdam-based Moove is expanding its vehicle financing business to the UK. It is Uber's largest vehicle supply partner in Europe, the Middle East, and Africa.

Using a rent-to-buy model, the African start-up provides access to brand new, zero-emission vehicles for a flat weekly fee.

Uber's electrification efforts in London are leading the way with over 6,000 EVs on the platform, and with Moove's London launch, Uber will be able to progress to becoming an all-electric platform in London by 2025.

To reduce the cost of their vehicles, Moove customers can apply for Uber's £145mln clean air plan.

Moove was launched by entrepreneurs Ladi Delano and Jide Odunsi in 2020 and has raised more than US$200mln from investors, including the British International Investment Agency. 

Using an alternative underwriting model, the company plans to make it easier for ride-hailing and food delivery gig workers to obtain a vehicle without a deposit or credit check.

Co-chief executive Delano said Moove's electric vehicles are also in high demand amid rising energy prices, and added Tesla Inc (NASDAQ:TSLA)'s Model 3 is the most popular model financed by Moove.

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