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Uber Plans to Supply 10,000 More Electric Cars in London

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(Bloomberg) -- Uber Technologies Inc. will partner with a financial technology startup to boost the number of electric vehicles in London by an additional 10,000 over the next few years, according to a statement.

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Mobility fintech Moove is expanding its vehicle financing business to the UK after previously launching in countries such as India and Nigeria. Moove is already Uber’s largest vehicle supply partner across Europe, the Mideast and Africa.

Launched in 2020 by entrepreneurs Ladi Delano and Jide Odunsi, Amsterdam-based Moove has raised more than $200 million and is backed by investors that include the UK government’s British International Investment arm. The company aims to make it easier for ride-hailing and food delivery gig workers to get a vehicle with no deposit or credit check, relying instead on an alternative underwriting model.

Amid skyrocketing energy prices, Moove is also seeing a rise in demand for its electric vehicles, Co-Chief Executive Officer Delano said in an interview. He said the most popular car model financed by Moove is Tesla Inc.’s Model 3.

“A lot of our customers are already in fuel-guzzling vehicles and we’re now moving them into EV vehicles at a very low cost of switching,” he said. “The result of rising prices has actually led to a very high demand for our product.”

Uber currently has more than 6,000 electric vehicles on its app in London, the most of any city and equal to 13% of all its cars there.

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