Uber & Nissan Ink Electric Car Deal in London Amid Dispute

Zacks Equity Research

In an environmentally-friendly move, Uber Technologies UBER has inked an electric car deal with Nissan in the U.K. As part of the agreement, Uber aims to offer Nissan’s electric cars, at a discount, to drivers using the Uber app in the U.K. Financial aspects of the deal were not disclosed. Notably, Nissan, headquartered in Japan, is an automobile manufacturer.

The deal, under which Uber will offer 2,000 Nissan Leaf electric cars to its U.K. drivers, is in line with the ride-hailing company’s objective to ensure that all its vehicles are fully electric by 2025. This deal is primarily aimed at drivers working in the U.K. capital, London, where Uber looks to combat air pollution. However, the agreement technically covers all drivers in the nation. Nissan Leaf is reportedly one of the bestselling electric vehicles.

Uber Technologies, Inc. Price

The timing of the electric car deal, with primary focus on London, indicates Uber’s efforts to reinstate its license to operate in the U.K. capital through this move. Notably, last November, this San Francisco, CA-based company’s license was revoked by Transport for London following Uber’s failure to meet regulatory demands to operate in the city.

Uber is currently appealing against the transportation regulator’s decision to ban it from operating in one of the company’s most important markets with roughly 45,000 drivers. Notably, it is allowed to operate in London during the tenure of the legal proceedings.

Zacks Rank & Key Picks

Uber currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the Zacks Internet - Services industry are Aspen Group ASPU, Match Group MTCH and Lyft LYFT. While Aspen Group and Match Group sport a Zacks Rank #1 (Strong Buy), Lyft carries a Zacks Rank #2 (Buy), at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Shares of Aspen Group, Match Group and Lyft have rallied more than 32%, 15% and 8%, respectively, over the past three months.

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