The collaboration, which will initially roll out in Europe and Latin America, aims to provide Uber drivers with affordable pricing and financing options for BYD's electric vehicles. It is also set to extend to markets in the Middle East, Canada, Australia, and New Zealand.

The companies noted that high prices for electric vehicles and rising borrowing costs have slowed EV adoption over the past two years, leading to less-than-expected demand for these vehicles. However, growing concerns about climate change and the urgent need to reduce greenhouse gas emissions have accelerated the global drive towards electrification in transportation.

To support this shift, Uber and BYD will offer drivers various discounts on vehicle maintenance, charging, financing, and leasing, tailored to each market.

Uber CEO Dara Khosrowshahi highlighted that switching to an electric vehicle allows an Uber driver to achieve up to four times the emissions reduction compared to a regular motorist, due to the higher number of hours they spend on the road.

The companies also announced plans to integrate BYD's vehicles with self-driving technologies into the Uber platform.

In related news, BYD's US competitor, Tesla, is expected to reveal its robotaxi product in October as it seeks to pivot following a decline in EV sales in the first half of the year. Although BYD was the world's largest electric vehicle maker last year, Tesla has since regained its leading position.