UBER - Uber and Tembici join hands for bike-sharing service in Latin America

2023-04-05 06:15:45 ET

Uber Technologies ( NYSE: UBER ) and Brazilian bike-sharing company, Tembici to make electric and common bicycles available on its app in Latin America.

Tembici and Itau-sponsored bikes will show up on Uber app initially in the northeastern Brazilian city of Recife and later mark footprints in Sao Paulo, Rio de Janeiro, Brasilia, Salvador, Porto Alegre and other Latin American cities where Tembici operates. Bike docking stations will show up on the app, no specifics on dates given here.

By 2023 end, the company expects run 30,000 bicycles on Latin American streets, a third of them electric.

The move comes amid a push for greener initiatives, and aids  the firm in becoming a fully zero-emission platform by 2040. Particulars like deal amount were not disclosed.

"This partnership underscores the important role that car-free options are increasingly playing in Uber's strategy to achieve zero carbon emissions," said Annie Duvnjak, Uber's global micromobility general manager.

A week back, Uber drivers set get incentives for charging electric cars with BP .

From last month, ' Walgreens, DoorDash and Uber partner for launching free, same day delivery of HIV medications '

During Q4 reports , Uber shares slipped even after strong reports and guidance beat, company said it will continue to moderate expenses.

The company bags a Strong Buy Quant rating , with strongest factor grades provided to momentum and revisions.

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