Bloomberg Law
Free Newsletter Sign Up
Bloomberg Law
Welcome
Go
Free Newsletter Sign Up

Uber, Lyft Drivers Switch to Teslas as Gas Prices Squeeze Profit (1)

June 28, 2022, 1:17 PM

Some Uber and Lyft drivers are finding that renting or buying a Tesla, the luxury electric car, is a more profitable option now amid soaring gas prices that have upended the economics of gig work.

Last summer, Heidi Barnes, 34, thought about upgrading her beloved 2009 Toyota Camry, which she nicknamed “The Beast,” for a sleek Tesla Inc. Model 3 sedan. The Lancaster, California-based driver never imagined that the high-end vehicle would become less of a splurge and more like a last resort until the average price for a gallon of gas in the US surpassed $4 for the first time in March. ...