Uber Technologies Inc. stock has declined following a report that Alphabet Inc.’s Waymo is set to debut in Miami by 2025 with human safety drivers and expand its service via the app by 2026. Waymo plans to leverage insights gained from its initial test in Miami in 2019.
The company aims to improve its self-driving technology, particularly in adverse weather conditions. With recent growth and expansion plans, Waymo has secured $5.6 billion in funding. This development may pose a threat to Uber’s business model as autonomous driving fleets grow.
Uber shares are currently trading 8.17% lower at $66.31. The launch of Waymo in Miami could lead to increased competition from autonomous ride-hailing services, such as those offered by Tesla and others like Waymo. As the demand for human-operated ride services decreases, Uber’s business model may be impacted.
Source: https://www.benzinga.com/trading-ideas/movers/24/12/42348287/whats-going-on-with-uber-shares-thursday