Uber and Kia Motors sign agreement in Europe

June 16, 2021 16:00

In recent hours Kia Motors and 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%

 

With the Admirals Trade.MT5 account, you can trade Contracts for Differences (CFDs) of Uber and more than 3000 stocks! CFDs allow traders to try to profit from the bull and bear markets, as well as the use of leverage. Click on the following banner to open an account today:

INFORMATION ABOUT ANALYTICAL MATERIALS: 

The given data provides additional information regarding all analysis, estimates, prognosis, forecasts, market reviews, weekly outlooks or other similar assessments or information (hereinafter “Analysis”) published on the websites of Admiral Markets investment firms operating under the Admiral Markets trademark (hereinafter “Admiral Markets”) Before making any investment decisions please pay close attention to the following: 

  1. This is a marketing communication. The content is published for informative purposes only and is in no way to be construed as investment advice or recommendation. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and that it is not subject to any prohibition on dealing ahead of the dissemination of investment research.
  2. Any investment decision is made by each client alone whereas Admiral Markets shall not be responsible for any loss or damage arising from any such decision, whether or not based on the content.
  3. With view to protecting the interests of our clients and the objectivity of the Analysis, Admiral Markets has established relevant internal procedures for prevention and management of conflicts of interest.
  4. The Analysis is prepared by an independent analyst, Roberto Rojas (analyst), (hereinafter “Author”) based on their personal estimations.
  5. Whilst every reasonable effort is taken to ensure that all sources of the content are reliable and that all information is presented, as much as possible, in an understandable, timely, precise and complete manner, Admiral Markets does not guarantee the accuracy or completeness of any information contained within the Analysis.
  6. Any kind of past or modeled performance of financial instruments indicated within the content should not be construed as an express or implied promise, guarantee or implication by Admiral Markets for any future performance. The value of the financial instrument may both increase and decrease and the preservation of the asset value is not guaranteed.
  7. Leveraged products (including contracts for difference) are speculative in nature and may result in losses or profit. Before you start trading, please ensure that you fully understand the risks involved.
Avatar-Admirals
Admirals An all-in-one solution for spending, investing, and managing your money

More than a broker, Admirals is a financial hub, offering a wide range of financial products and services. We make it possible to approach personal finance through an all-in-one solution for investing, spending, and managing money.