Benzinga - by Anan Ashraf, Benzinga Editor.
The City of New York is taking large strides towards EV transition with new regulations, including one that requires all ride-share vehicles to be wheelchair accessible or all-electric by 2030. New York is the first city in the United States to pass such a rule, called “Green Rides.”
What Happened: “We proposed this rule because our city and our world are slipping into a deeper climate crisis. 2023 is now on track to be the hottest year on record, and we’re breaking records regularly. Green Rides is going to transform our city for the better. It will remove 600,000 metric tons of carbon emissions from the air that we and our children breathe,” Taxi and Limousine Commission Commissioner David Do said.
Under the new rule, all ride-share vehicles including those of Uber Technologies Inc (NYSE:UBER) and Lyft Inc (NASDAQ:LYFT) must either be wheelchair-friendly or an EV by 2030.
The deadline has been set so as to allow drivers the time to replace their vehicles without rushing for it, Do said. Uber and Lyft collectively operate fleets of about 78,000 vehicles in the city.
Why It Matters: As part of the new rule, the commission has begun accepting new for-hire vehicle (FHV) license applications from EV drivers. These licenses are required to legally operate in the city. The commission had released 1,000 electric licenses in March which were gone within minutes.
The commission has limited issuing new licenses since 2018 in an effort to protect the yellow cab industry and reduce road congestion. Drivers can still not apply for the license unless their vehicle is wheelchair accessible or electric.
"Three years ago, Lyft pledged to be 100% EV by the end of 2030, and we are excited to partner with the city of New York on our journey. Combined with smart, targeted investments in incentives and charging infrastructure, the City’s plan will help tear down the barriers that prevent drivers from making the switch to electric and accelerate an equitable city-wide transition to EVs for rideshare," said Lyft public policy manager Larry Gallegos.
"We applaud steps taken today by the city to reduce carbon emissions, an important goal we share. Allowing renters to drive their own EV will not only help improve New York’s air quality, it will significantly reduce driver costs," Uber senior policy manager Hayley Prim said.
Check out more of Benzinga's Future Of Mobility coverage by following this link.
Read Next: UAW President: Tentative Agreement with Ford Reached — ‘GM And Stellantis Up Next’
Photo via Shutterstock
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.