{"id":44653,"date":"2021-05-26T08:01:27","date_gmt":"2021-05-26T12:01:27","guid":{"rendered":"https:\/\/cablemanpro.com\/wallstreetpr\/?p=44653"},"modified":"2021-05-26T02:01:35","modified_gmt":"2021-05-26T06:01:35","slug":"california-passes-a-new-rule-forcing-rideshare-companies-lyft-inc-nasdaq-lyft-and-uber-technologies-inc-nyse-uber-to-switch-to-electric-vehicles","status":"publish","type":"post","link":"https:\/\/cablemanpro.com\/wallstreetpr\/california-passes-a-new-rule-forcing-rideshare-companies-lyft-inc-nasdaq-lyft-and-uber-technologies-inc-nyse-uber-to-switch-to-electric-vehicles-44653","title":{"rendered":"California Passes A New Rule Forcing Rideshare Companies &#8211; LYFT Inc (NASDAQ: LYFT) And Uber Technologies Inc (NYSE: UBER) To Switch To Electric Vehicles"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">California is the first state to implement CMS (Clean Mile Standard) in the US. The new law mandates ridesharing companies &#8211; <\/span><b>LYFT Inc (NASDAQ: LYFT) <\/b><span style=\"font-weight: 400;\">and<\/span><b> Uber Technologies Inc (NYSE: UBER) <\/b><span style=\"font-weight: 400;\">to transition to electric vehicles from gasoline-based vehicles.<\/span><\/p>\n<p><b>CMS will be effective from 2023<\/b><\/p>\n<p><span style=\"font-weight: 400;\">According to a communiqu\u00e9 from CARB (California Air Resources Board), the state will implement CMS in 2023.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">CARB mandates 2% of the vehicles on the roads of California to be electric vehicles (EVs) in 2023, gradually increase the use of EVs by 50% in 2027 and 100% by 2030. It expects to reduce carbon dioxide levels to 0.36 MMT (million metric tons) in 2030. The cumulative carbon dioxide reduction will be 1.81 MMT between 2023 and 2030.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">CARB also says the new mandate will reduce atmospheric pollutants like ultra-fine PM 2.5 particles to 93 tons. It also lowers harmful nitrogen oxide levels by 298 tons soon.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additional measures are required to achieve the greenhouse gas (GHG) emissions\u00a0reductions by 2030. CMS report says GHG emissions are rising significantly despite reducing the carbon content in fuel and implementing stringent emission standards.\u00a0<\/span><\/p>\n<p><b>CPUC will implement CMS<\/b><\/p>\n<p><span style=\"font-weight: 400;\">According to the CMS report, CPUC (California Public Utilities Commission) will find ways to implement new regulations and facilitate switching drivers to electric vehicles.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Lyft and Uber treat drivers as independent contractors in the US. As a result, drivers need to either rent or buy their vehicles for ridesharing services. It mandates CPUC to ensure the availability of affordable EVs to low-income drivers besides providing charging points.\u00a0<\/span><\/p>\n<p><b>Lyft and Uber control the rideshare market in California<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Both Uber and Lyft control the rideshare services in California. They already revealed plans to transition to EVs by 2030 and free the environment from GHG.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In June 2020, Lyft, which commands one-third market share in the US, said it would convert all of its fleets to EVs by 2030. It seeks the cooperation and support of government entities, industries, and non-profit organizations to achieve 100% EVs.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Uber holds a two-thirds share in the rideshare market. The company announced plans to convert all of its fleets to 100% EVs in the urban regions of Europe, Canada, and the US.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>California is the first state to implement CMS (Clean Mile Standard) in the US. The new law mandates ridesharing companies &#8211; LYFT Inc (NASDAQ: LYFT) [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":42750,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[2236],"tags":[15480,14062,13846,14149],"stock_ticker":[13976,14020],"class_list":["post-44653","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-lyft-inc-nasdaq-lyft","tag-nasdaqlyft","tag-nyseuber","tag-uber-nyseuber","stock_ticker-lyft","stock_ticker-uber","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>California Passes A New Rule Forcing Rideshare Companies - LYFT Inc (NASDAQ: LYFT) And Uber Technologies Inc (NYSE: UBER) To Switch To Electric Vehicles - Wall Street PR<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cablemanpro.com\/wallstreetpr\/california-passes-a-new-rule-forcing-rideshare-companies-lyft-inc-nasdaq-lyft-and-uber-technologies-inc-nyse-uber-to-switch-to-electric-vehicles-44653\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"California Passes A New Rule Forcing Rideshare Companies - LYFT Inc (NASDAQ: LYFT) And Uber Technologies Inc (NYSE: UBER) To Switch To Electric Vehicles - Wall Street PR\" \/>\n<meta property=\"og:description\" content=\"California is the first state to implement CMS (Clean Mile Standard) in the US. 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