Uber teams up with BYD to add 100,000 EVs to its ride-hailing platform, shares up.

Uber (NYSE: UBER) and BYD announced on Wednesday a new initiative offering special pricing and financing options for the Chinese automaker's electric vehicles (EVs) to drivers on the ride-hailing app, starting in Europe and Latin America.

In addition, the two firms plan to collaborate on the development of "autonomous-capable vehicles" for Uber’s platform, as per their statement.

This multi-year strategic partnership could see 100,000 BYD cars added to Uber’s fleet, the press release states. The announcement comes even as the European Union, following the U.S., has increased tariffs on Chinese-made electric vehicles this year.

"As the largest global agreement of its kind, we're thrilled about the benefits this partnership will deliver for drivers, riders, and cities," said Uber CEO Dara Khosrowshahi.

UBER shares rose more than 2% in premarket trading Wednesday.

BYD, based in Shenzhen, has become a major force in China's electric vehicle market, outpacing Tesla (NASDAQ: TSLA) in vehicle production for two consecutive years. The company has also been expanding internationally, including setting up factories overseas.

"Uber and BYD share a commitment to innovate towards a cleaner, greener world, and I am excited to work together towards that future," stated BYD chairman and president Chuanfu Wang in the joint release.

The partnership aims to further extend its reach to the Middle East, Canada, Australia, and New Zealand, the press release noted.

“We are elated to join forces with a global leader like Uber to not only accelerate the transition to electric vehicles but also to make green transportation accessible and affordable for everyone,” said Stella Li, Executive Vice President of BYD and CEO of BYD Americas.

?

Marriott Int earnings beat by $0.03; revenue fell short of estimates.

?

Marriott Int (NASDAQ: MAR) reported second quarter EPS of $2.50, $0.03 better than the analyst estimates of $2.47. Revenue for the quarter came in at $6.44B versus the consensus estimate of $6.47B.

Guidance

Marriott Int sees Q3 2024 EPS of $2.27-$2.33 versus the analyst consensus of $2.37.

Marriott Int sees FY 2024 EPS of $9.23-$9.40 versus the analyst consensus of $9.51.

Marriott Int's stock price closed at $238.77. It is up 1.78% in the last 3 months and up 16.62% in the last 12 months.

Marriott Int saw 5 positive EPS revisions and 14 negative EPS revisions in the last 90 days. See Marriott Int's stock price’s past reactions to earnings here.

According to InvestingPro, Marriott Int's Financial Health score is "great performance".

Check out Marriott Int's recent earnings performance, and Marriott Int's financials here.

Stay up to date on all the upcoming earnings reports by visiting.

?

Trane Tech raises profit and revenue forecasts on resilient demand.

?

(Reuters) - Trane Technologies (NYSE:TT) on Wednesday raised its full-year profit and revenue forecasts, anticipating strong demand for heating and air-conditioning systems from commercial buildings.

Shares of the company were up 3.8% in premarket trade.

The company now expects 2024 adjusted profit of $10.80 per share, above its previous forecast of between $10.40 and $10.50 per share.

It expects 2024 revenue growth of about 10%, above its previous expectations of a growth between 8% and 9%.

The company, which operates brands such as Thermo King and Frigoblock, benefited from increased demand for cooling systems as homes and businesses cranked up their air conditioners to escape extreme heat.

Deadly heatwaves across the Northern hemisphere and rising levels of air pollution have aided demand for air conditioners and air purifiers.

On an adjusted basis, Trane Technologies earned $3.30 per share for the second quarter ended June 30, compared with analysts' estimates of $3.08 per share, according to LSEG data.

Revenue rose 13% to $5.31 billion, above estimates of $5.13 billion.