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Uber and Lyft Stocks Plunge As Google’s Waymo Brings Driverless Taxis to Miami
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Main points
- Waymo, owned by Google, said it will train its self-driving taxis on Miami streets in 2025 and be ready to offer service to customers in 2026.
- Shares of ride-hailing providers Uber and Lyft fell as investors considered the risks posed by driverless taxi services.
- The news comes as investors expect autonomous driving technology to expand and Tesla is working on developing driverless and ride-hailing technology.
Google says it’s bringing Waymo self-driving taxi Reaching Miami, news breaks that Uber Technologies stock (Uber) and Lyft (Laifu) fell sharply as investors weighed the risks of their services.
In a blog post Thursday, Waymo announced it will expand its driverless rides service to Miami. Waymo has previously tested vehicles in Miami, a city that provides “challenging rainy conditions” for its vehicles. driverless vehiclesthe company said.
A subsidiary of Google parent company Alphabet (Google), Waymo has so far brought its self-driving ride-hailing service to Phoenix, Los Angeles, San Francisco and Austin. The company said it will begin training its all-electric Jaguar I-PACE on Miami streets in early 2025, with plans to make the service available to riders in 2026.
The company also announced a partnership with African fintech provider Moove to oversee its expansion into Miami. Moove will also take over Waymo’s fleet management operations in Phoenix.
Shares of Uber and Lyft both fell about 10% on Thursday as investors weighed the threat Waymo’s expansion poses to the ride-sharing business. Uber is Partnering with Waymo In Austin and Atlanta, driverless cars are available in those cities.
The news comes as investors expect Expansion of autonomous driving technologyand Tesla (Tesla) return Committed to developing driverless and online ride-hailing technologies.
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