Arrival Share Price
The Arrival share price (NASDAQ:ARVL) has had a busy week after it shot up on Tuesday before giving away some of its gains and settling around $18 by Thursday. The movements came as the electric vehicle manufacturer announced a partnership with Uber. The Uber deal follows upward movements during the second half of April as Arrival gains traction on the Nasdaq.
Arrival, which recently listed on the New York Stock Exchange, has entered a partnership with Uber to develop electric taxis. The deal will involve Uber drivers having an input into the design of the cars which are scheduled to move into production next year.
It is part of a wider plan by Uber to transition its 45,000 London-based drivers to electric vehicles by 2025, while the remainder of UK drivers will do the same by 2030.
Uber’s regional general ganager for Northern and Eastern Europe, Jamie Heywood, said: “As our cities open up we have an opportunity to make sure that urban transport is cleaner than ever before.
“Uber is committed to helping every driver in London upgrade to an EV by 2025, and thanks to our Clean Air Plan more than £135m has been raised to support this ambition.”
“Our focus is now on encouraging drivers to use this money to help them upgrade to an electric vehicle, and our partnership with Arrival will help us achieve this goal.”
Arrival Gaining Momentum
It is the latest in a string of partnerships from Arrival. The company developed a bus along with FirstGroup which expected to begin operating early next year, as well as receiving an order for 10,000 vans from UPS.
The UK company is also building a number of micro-factories, in the UK and America. Once its North Carolina micro-factory is open, in Q3 of 2022, the company will be able to produce around 10,000 battery-powered vans every year.