In recent hours Kia Motors and Uber (UBER) have reached an agreement to increase the share of electric cars in Europe within the plans of both companies in relation to their goals for 2030.
As announced by the South Korean manufacturer itself, Kia Motors aims to increase the sale of electric vehicles in major European cities to reach 40% of its global sales by 2030. For its part, Uber expects to operate up to 100,000 electric vehicles in Europe by 2025 as part of its zero-emission strategy for 2030.
As we can see in this agreement, Kia Motors will offer significant discounts on its e-Niro and e-Soul models to Uber drivers, thus encouraging the use of electric cars that comply with European regulations.
As we can see on the daily chart, after reaching all-time highs last February, Uber has experienced a sharp correction that led it to lose $20 per share, although in recent weeks, Uber's share price is following a sideways move between its support zone in the coincident zone of its 200-session exponential moving average and the 38.2% Fibonacci retracement level (represented in red) and its current resistance level in the 50% area of Fibonacci retracement in green.
The break of this lateral range will predictably cause a strong movement both up and down, so we will have to be very attentive to the evolution of the price. The breakout of its current red support level could lead the price to look again for its annual lows.
Source: Admiral Markets MetaTrader 5. Daily UBER chart. Data range: February 3, 2020 to June 16, 2021. Prepared on June 16, 2021 at 11:00 am CEST. Please note that past returns do not guarantee future returns.
Evolution in the last 2 years:
- 2020: 71,49%
- 2019: -26,40%
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