UBER

Ride-hailing app Cabify to invest $300 mln through 2024 to strengthen Latam presence

Credit: REUTERS/Jon Nazca

Corrects target year to de-carbonize fleet to 2030, not 2023

MEXICO CITY, Nov 30 (Reuters) - Spanish ride-hailing application Cabify will invest more than $300 million through 2024 to strengthen its presence in Latin America, the company said in a statement on Wednesday.

The company, which operates in seven Latin American countries, will use the funds to strengthen market penetration in non-capital cities, facilitate transportation to spots such as airports and continue to "de-carbonize" its fleet, Cabify said.

The Uber UBER.N competitor recently announced its partnership with Beat, which withdrew from Latin America earlier this month. Since Beat left the region, first-time Cabify users shot up 218%, Cabify regional manager Ignacio Gutierrez said.

Beat had bet on becoming the "green ride-hailing" app in the region with a fleet of Tesla TSLA.O electric vehicles. Uber will incorporate the Teslas into its premium "Black" service, Uber's Mexico head told local outlet Expansion.

Cabify is currently aiming to completely "de-carbonize" its fleet by 2030, it said.

(Reporting by Kylie Madry; Editing by Brendan O'Boyle and Chris Reese)

((Kylie.Madry@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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