Uber CEO Dara Khosrowshahi on Tuesday announced that the company is updating its platform with new sustainability-minded features, including an “EV preference” that will let customers opt for fully electric vehicles by default, whenever they hail a ride.
The company previously launched an “Uber Green,” service which has historically included a mix of battery electric vehicles, and hybrid electric models. Now, Uber can offer battery electric vehicles as the sole “green” option in more than 40 cities globally, executives said at Uber’s annual Go Get Zero sustainability conference in London on Tuesday.
Speaking at Uber’s GO-GET Zero event in London, Khosrowshahi said that the company’s rollout of new sustainability-focused features arrives ahead of the 2024 U.S. elections, adding this is a time when the topic of EVs has become a “politically-charged issue.”
However, he noted that the overall trend is moving toward all-electric mobility options.
“The reality is that we will only reach or zero emission goals if policymakers and other businesses do their part as well,” Khosrowshahi said at the event.
“We need more affordable EVs, we need stronger EV mandates, we need incentives for people who are driving the most. We want to make sure that chargers are available at every community, not just the wealthiest. So we all need to step up,” he said.
For drivers, Uber said it is rolling out an “EV Mentor” program, which connects drivers for any questions about electric mobility. The company also debuted an AI chatbot powered by OpenAI’s ChatGPT, looking to answer questions for drivers on the ride-hail network about what it takes to buy and use a battery electric vehicle instead of a gas-burning vehicle.
Transportation has been responsible for about 25% of carbon emissions from human activity globally, according to estimates by the non-profit International Council on Clean Transportation. Carbon emissions, and other greenhouse gases from human activity, cause long-term shifts in temperatures and weather, while also contributing to respiratory disease by forming smog and air pollution.
Ride-hailing services like Uber’s can contribute to traffic congestion and therefore, pollution, according to analysis by Suvrat Dhanorkar, Gordon Burtch and others published in the journal of Transportation Science. Uber has been working to reduce its environmental footprint and looks to become a “zero-emissions platform” by 2040.
On the delivery side of its platform, Uber is adding farmers’ market produce to Uber Eats offerings in two major U.S. markets: New York City and Los Angeles.
Uber said it will also be investing nearly $1 million to enable restaurants in Paris that sell meals via Uber Eats to switch to more sustainable packaging, such as seaweed-based packaging from NotPLA, bags made of foliage by Releaf, and straws made of agricultural suAgar residuals from IAmPlasticFree.
According to statistics tracked by the Organization for Economic Co-operation and Development (OECD), residents in Paris generate more than 400 kg (880 lb) of waste each year. France has implemented laws to reduce this waste, requiring fast food restaurants to move away from disposable, plastic packaging and utensils.
In the U.K., specifically, Uber said it’s launched a partnership with British energy supplier Octopus Energy and Chinese EV firm BYD to co-fund 1,000 free home chargers worth almost £1,000 each for drivers in the U.K.
The deal will give Uber drivers the ability to access Octopus’ “Intelligent Go” tariff to help them with EV charging costs. Drivers will also be able to get 8% off at public charging systems across Octopus’ Electroverse network.
“This is the first partnership between uber a power company and an EV manufacturer and it will meaningfully reduce charging costs for drivers,” Rebecca Tinucci, Uber’s head of global sustainability, said at the London event Tuesday. Tinucci was formerly senior director of charging infrastructure at Tesla.
Financial technology company Chime on Tuesday filed paperwork to go public on the Nasdaq. The company intends to file under the ticker symbol “CHYM.”
“Chime is a technology company, not a bank,” the company said in its prospectus, noting it’s not a member of the U.S. Federal Deposit Insurance Corp. Still, the company cited Bank of America, Capital One, Citibank, JPMorgan Chase, PNC Bank and Wells Fargo as competitors.
Most of Chime’s new members who arrange for direct deposit previously did direct deposit elsewhere, “most commonly with large incumbent banks,” the company said.
According to the filing, Chime picks up revenue from interchange fees associated with purchases that members make with Chime debit cards and credit cards. Banks collect interchange fees, which are generally a percentage of the transaction value, plus a set amount for each transaction depending on the rates determined by card networks such as Visa. The banks then pass money on to Chime.
In the March quarter, Chime generated $12.4 million in net income on $518.7 million in revenue. Revenue grew 32%. At the end of March, Chime had 8.6 million active members, up about 23% year over year. Average revenue per active member, at $251, was up from $231. It has members in all 50 states, and 55% of them female. The average member age is 36.
Around two-thirds of members look to Chime for their “primary financial relationship,” Chime said. The term refers to those who made at least 15 purchases using its card or received a qualifying direct deposit of at least $200 in the past calendar month.
Chime offers a slew of other services in addition to its cards. Eligible members with direct deposit can borrow up to $500 with a fixed interest rate of $5 for every $100 borrowed. The company doesn’t charge late fees or compound interest.
Following an extended drought, IPOs looked poised for a rebound when President Donald Trump returned to the White House in January. CoreWeave’s March debut provided some momentum. But Trump’s tariff announcement in April roiled the market and led companies including Chime as well as trading platform eToro, online lender Klarna and ticket marketplace StubHub to delay their plans.
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EToro is now scheduled to debut this week, and digital health company Hinge Health issued its pricing range for its IPO on Tuesday, win an expected offering coming soon. Chime’s public filing is the latest sign that emerging tech companies are preparing to test the market’s appetite for risk. Last month Figma said it had filed confidentially for an initial public offering.
Chris Britt, Chime’s co-founder and CEO, told CNBC in 2020 that it would be ready for an IPO within the next 12 months. But in late 2021 markets turned negative on technology as inflation picked up, prompting central bankers to ratchet up interest rates.
Chime was founded in 2012 and is based in San Francisco, with 1,465 employees. It ranked 22nd on CNBC’s 2024 Disruptor 50 list of privately held companies.
Investors include Crosslink Capital, DST Global, General Atlantic, Iconic Strategic Partners and Menlo Ventures.
— CNBC’s Ari Levy contributed to this report.
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Google‘s stalwart search button has a new neighbor: AI Mode.
The artificial intelligence feature is being tested directly beneath the Google search bar beside a “Google Search” button, replacing the “I’m Feeling Lucky” widget. The new feature, though not widely available yet, is being tested in a location where Google rarely makes changes.
A company spokesperson confirmed the feature began rolling out to some users over the last week.
The spokesperson said the company tests many experiments with its users of “Labs,” Google’s experimental unit that tests new features for those who opt-in. They added that tested products don’t always go on to launch broadly.
The latest feature test shows Google is considering using its most valuable real estate to expose users to its AI technology as it continues to be under pressure to compete in generative AI-driven search.
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Since the launch of ChatGPT in November 2022, Alphabet investors have been concerned that OpenAI could take market share from Google in search by giving consumers new ways to seek information online.
In October, OpenAI pushed further and launched “ChatGPT search,” positioning the company to better compete with search engines like Google, Microsoft‘s Bing and Perplexity. Microsoft has invested close to $14 billion in OpenAI, yet OpenAI’s products directly compete with Microsoft’s AI and search tools, such as Copilot and Bing.
Though the company’s flagship AI product Gemini has shown equal or better performance than top competition, it has been trying to grow its user base to compete with ChatGPT.
Google’s Gemini AI product has 35 million daily active users, according to a recent Google analysis revealed during an antitrust court session in April. That was compared to ChatGPT’s estimated 160 million daily active users, the analysis stated.
Google is testing using “AI Mode” on its most valuable real estate: It’s home webpage.
The Alphabet-owned company began testing home page designs internally in 2023, CNBC first reported. At the time, one potential design showed the home search page offering five different prompts for potential questions placed beneath the main search bar, replacing the current “I’m feeling lucky” bar. It also tested a small chat logo inside the far right end of the search bar.
Google in March announced it would be testing “AI Mode” for select users, however the description showed it would be testing the widget on Google’s results page — not its home page. In its March announcement, the company billed it as an early experiment in Labs to do “more advanced reasoning, thinking and multimodal capabilities so you can get help with even your toughest questions.”
The company this week launched an investment fund called “AI Futures Fund,” aimed at investing in AI startups. The company said eligible startups would have early access to its AI models.
Airbnb launched a redesigned app on Tuesday to showcase the company’s push to let travelers book services, like catering and personal training, at their home rentals.
The new-look app marks a new chapter for Airbnb to expand beyond home stays. The company has previously announced plans to invest $200 million to $250 million in a new business that it said it hopes will become a significant driver of future revenue growth.
“We now feel like we have such a strong foundation that we are capable of building and expanding,” Dave Stephenson, Airbnb’s business chief, told CNBC.
The company has previously tried to push beyond home rentals, but dialed back those efforts in 2020 to focus on its core business as the Covid pandemic shuttered borders and pummeled the travel industry.
Airbnb shares fell earlier this month after the company issued disappointing revenue guidance in its first-quarter earnings report, saying it saw some “softness” in travel from Canada to the U.S. toward the end of the quarter amid macroeconomic uncertainties.
“Until now, our app has really done one thing, which is it lets you book a home,” CEO Brian Chesky said on Airbnb’s May 1 earnings call. “We rebuilt the app from the ground up on a new technology stack. And now we can innovate faster and offer much more than homes.”
The Airbnb services tab.
Courtesy: Airbnb
The app’s new services tab offers 10 categories users can select and book during their rental. The offerings include services such as spa treatments, catered or prepared meals, or personal training sessions. These service offerings will debut in 260 cities worldwide. The company hopes this update will put Airbnb on par with offerings travelers often find at hotels and resorts, Stephenson said.
To ensure quality, Airbnb has added to its vetting team, which includes legal professionals, to assess certifications and licensing requirements, which vary from city to city, Stephenson said. Services vendors have 10 years of experience on average, the company said.
The app update will also include a homepage tab to emphasize Airbnb’s experiences business. The new tab divides experiences into 19 categories, including live performances, landmark tours, architecture tours and workouts, which are available in 650 cities. The company first launched experiences in 2016.
The experience tab will include activities and tours designed by Airbnb, called originals, such as a tour of Notre Dame with a restoration architect in Paris. The company is also partnering to offer experiences and services at the 2026 Winter Olympics in Milan, Stephenson said.
Airbnb also said it is updating its social features, allowing users to see other guests attending experiences. The new messages section will also enable photo and video sharing and come with updated privacy features for interacting with co-travelers later this year.
