Toronto, Ontario — In this post-long-weekend Tuesday Ticker, we cover Uber’s decision to allow teenagers on the app, while Rivian rides a small uptick in its share prices.
Uber’s open policy
Uber Canada is allowing teens to set up their own accounts on the app this summer as the rideshare company seeks to expand across the nation. Don’t worry, though…the teens won’t be driving.
Canadians between the ages of 13 and 17 will be permitted to make passenger accounts on the app, starting in Western Canada and Quebec, later followed by Ontario and Nova Scotia markets. No concrete date was announced for the rule change, but Uber did say the policy would come “this summer.”
Uber currently bans anyone under the age of 18 from holding an account, but the demand to let teens take Ubers on their own made the rideshare app reconsider its policy. A pilot was first tested in Innisfil, Ont., just north of Barrie, then later brought to Calgary in 2022.
“Our approach here is to solve a problem that is unsolved, that is a massive pain point in our users’ lives, both guardians as well as the teens,” said Uber’s VP, Sachin Kansal.
Drivers will be given the option to accept or decline underage riders, and customers will be identified as teenagers in the app when the request is initiated, for full transparency.
As of Friday at 1 p.m. EST, Uber shares traded at US$39.13, up 68.40 percent, and up 54.32 percent year-to-date.
Shares of Rivian were moving well last week, with prices up nearly six percent between Tuesday, May 16 and Friday, May 19.
The automaker, which only began delivering units of its all-electric vehicles last year, ended 2022 with shares down nearly 80 percent. Since its November 2021 IPO, shares of Rivian have dropped 89.75 percent.
However, the EV maker has seen its shares climb in the last month—almost four percent since April 19.
Rivian may still have steep ground to cover in its recovery, but the company maintains its production outlook for this year, aiming to produce 50,000 units by December 31. Rivian produced just under 25,000 vehicles last year.
As of Friday at 1 p.m. EST, shares of Rivian were trading at US$13.30 per share; down 23.26 percent year-to-date, but up 3.71 percent since April 19.