Uber Technologies Inc (NYSE:UBER, ETR:UT8) announced on Wednesday that it is rebranding its 'Uber Green' service as ‘Uber Electric' and is initiating a $4,000 grant program to encourage its drivers to purchase an electric vehicle (EV).
The move is part of the ride-hailing company's push toward zero-emission rides by 2040.
Eligible drivers can apply the $4,000 rebate to the purchase of new or used EVs in states including New York, California, Colorado, and Massachusetts.
Uber is also offering a 20% discount on riders’ next electric vehicle trip over the next week as part of the initiative.
Last month, the Trump administration phased out Biden-era tax credits worth $7,500 for new EV purchases.
Earlier this year, Uber moved its Uber Green service in the US to an all-electric model, moving away from its previous mix of hybrids and fully electric vehicles.
Uber noted that more than 200,000 EVs are now on its platform throughout the world.
Uber Technologies stock moved up 0.2% to $93.17 in late-morning trading on Wednesday.