Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
Rising EV manufacturer Stellantis has partnered with Uber to make a play for electric vehicle market in France.
Stellantis N.V. is partnering with popular mobility as a service provider Uber (NYSE: UBER), to take on the electric vehicle market in France. According to a joint presentation between both platforms, car rental service provider Free2Move will also be part of that deal.
What We Know So Far about the Tesla-Uber Electric Vehicle Deal in France
Pursuant to the partnership, Free2Move would facilitate Uber’s plans to convert 50% of its vehicle fleet in France to electric vehicles. Furthermore, producing and selling more electric and hybrid cars is also an integral part of Stellantis’ agenda. Back in March, Carlos Tavares, who serves as CEO of the automotive manufacturing corporation, set forth the company’s plan. According to him, Stellantis seeks to double its overall revenues to 300 billion euros, or $288.8 billion, a year by 2030. In addition, the Amsterdam-based multinational also intends to keep its profit margins high. It projects to achieve this amid the rollout of electric versions of its cars, which include Jeep SUVs and RAM pickup trucks.
In all, Stellantis projects to have 75 battery electric vehicle models on the market in eight years. In addition, the automotive manufacturer hopes to be selling 5 million of those vehicles a year by 2030. Suggesting Stellantis’ ability to meet all set sales targets, Tavares said at the time:
“We are proud to be a legacy automaker. Being a legacy automaker shows our ability to design and produce safe products at scale.”
However, like several major automakers, the company faces sizable challenges in transforming its traditional combustion engines to zero-emission. This may be why Stellantis is partnering with Uber to tap into the ride-hailing service’s France electric vehicle agenda.
A Potential Tussle with Tesla for Market Share
As Stellantis continues to make headway in its electric vehicle mission, the company could also potentially compete with Tesla (NASDAQ: TSLA). The Elon Musk-led perennial industry leader is at varying stages of revolutionary breakthroughs in the broader tech space. For instance, Tesla looks to launch its full self-driving (FSD) cars across the United States and Europe by the end of the year. In addition, the Texas-based company also has its sights set on a line of autonomous humanoid robots. Referred to as Optimus Robots, these technological offerings will reportedly be able to function in a host of environments and situations. These include Tesla’s car manufacturing plants as well as private domiciliary locations.
However, amid the audacity of its robot line, Tesla is also facing close scrutiny and skepticism regarding the robots’ functionality. According to some, robots have to be capable of performing tasks beyond the scope of run-of-the-mill obligations. As Nancy Cooke, a professor in human systems engineering at Arizona State University, says, the Optimus robots must be different. In her own words:
“If he just gets the robot to walk around, or he gets the robots to dance, that’s already been done. That’s not that impressive.”
Cooke however said if the robots prove to be efficient, then that could boost Tesla’s stock.