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|Company that leases EVs to ride-hail drivers gains funding, plans fleet expansion|
Electric vehicle leasing startup Hive Technologies said on Tuesday it closed a $30 million funding round to expand its fleet for ride-hail drivers who can otherwise not afford the vehicles' higher upfront costs.
The company, backed by investors with an environmental, social and governance focus, leases EVs to Uber and Lyft drivers on a per-mile cost basis, offering an option potentially cheaper than taking out a loan to buy a new EV.
"The more you drive, the faster the car payment goes to zero. So instead of going under the water on a loan, you're benefiting," Hive CEO Mathias Thomsen told Reuters.
The company operates only with General Motors' Chevrolet Bolts in California but is talking to other automakers to broaden its vehicle lineup and plans to expand to several other states, Thomsen said. The funding will increase Hive's fleet to 1,000 vehicles from 100 at present.