Uber and Waymo Partnership in Atlanta Boosts Autonomous Driving and Ubers Stock Price
Shares of ride-hailing giant Uber (NYSE: UBER) traded roughly 7.6% higher as of 11:19 a.m. ET today, following the announcement of a new partnership with Alphabet's Waymo in Atlanta. This partnership allows people to order Waymo rides exclusively through Uber's app, marking the second city where the two companies have launched a collaboration.
The partnership comes in the same week that Tesla launched its robotaxi service in Austin, Texas, an event that also received market enthusiasm. Atlanta is now the second market where Uber and Waymo have partnered, following their successful launch in Austin, where there are now more than 100 Waymo vehicles exclusively available through Uber. According to Uber, Waymo trips in Austin have an average rating of 4.9 stars.
Riders in Atlanta now have the chance of being paired with an autonomous, full self-driving vehicle at no additional cost, although riders will have the option to switch to a regular human-driven vehicle if they choose. Riders in Waymo vehicles will also have 24/7 access to customer support through the Uber app and Waymo's in-car screens. The Atlanta launch will start with 65 square miles of Atlanta, from the downtown area to Buckhead to Capitol View, and Uber and Waymo plan to expand in the future.
Uber has no plans to build its own self-driving cars, but instead plans to partner with major players in the space. This strategy seems to be off to a good start, as the company's platform, massive fleet, and operational experience make it an ideal partner for autonomous companies, presenting a potentially large new revenue opportunity for Uber.
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In conclusion, the partnership between Uber and Waymo in Atlanta is a significant step forward for autonomous driving and presents a promising future for Uber's autonomous strategy. With its platform, massive fleet, and operational experience, Uber is well-positioned to capitalize on this new revenue opportunity. However, before investing in Uber Technologies, it's essential to consider the latest top 10 stocks recommended by the Motley Fool Stock Advisor.
