Google’s self-driving taxi service, Waymo, plans to launch in Miami by 2026 after announcing that it will begin training its all-electric Jaguar I-PACE on city streets in early 2025. The move is seen as a threat to ride-hailing providers Uber and Lyft, whose shares have declined by around 10% following the news.
Waymo has previously tested its driverless vehicles in Miami, which proved to be challenging due to rainy conditions. However, the company believes that its technology will thrive in the city’s streets. To expand its operations, Waymo has partnered with African fintech provider Moove, which will oversee the company’s fleet management operations in Phoenix.
Uber and Lyft are partnering with Waymo in other cities to offer driverless car rides, but investors fear that Waymo’s expansion poses a significant threat to their businesses. With Tesla also working on self-driving technology, investors expect more competition in the ride-hailing market.
Source: https://www.investopedia.com/uber-and-lyft-stocks-fall-as-google-waymo-brings-driverless-taxis-to-miami-8756774