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Home»Finance»Uber and Lyft Stocks Plunge As Google’s Waymo Brings Driverless Taxis to Miami
Finance

Uber and Lyft Stocks Plunge As Google’s Waymo Brings Driverless Taxis to Miami

December 6, 2024No Comments2 Mins Read
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Uber and Lyft Stocks Plunge As Google's Waymo Brings Driverless Taxis to Miami
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Mark Kauzlarich /Bloomberg / Getty Images

Mark Kauzlarich /Bloomberg / Getty Photographs

  • Google’s Waymo mentioned it will practice its self-driving taxis on Miami streets in 2025 because it prepares to supply service to prospects in 2026.

  • Shares of ride-hailing suppliers Uber and Lyft declined as traders thought of the dangers introduced by driverless taxi providers.

  • The information comes as traders anticipate the growth of self-driving expertise, with Tesla additionally working to develop driverless, ride-hailing expertise.

Google mentioned it’s bringing its Waymo self-driving taxis to Miami, information that despatched shares of Uber Applied sciences (UBER) and Lyft (LYFT) sharply decrease as traders weighed the danger to their providers.

In a Thursday weblog put up, Waymo introduced that it will broaden its driverless ride-hailing service to Miami. Waymo has beforehand examined automobiles in Miami, a metropolis that offered “difficult wet circumstances” for its driverless automobiles, the corporate mentioned.

A subsidiary of Google’s dad or mum firm, Alphabet  (GOOGL), Waymo has introduced its self-driving ride-hailing providers to Phoenix, Los Angeles, San Francisco and Austin to this point. The corporate mentioned it’ll start coaching its all-electric Jaguar I-PACE on Miami streets in early 2025 and plans to supply the service to riders in 2026.

The corporate additionally introduced its partnership with African fintech supplier Moove to supervise growth into Miami. Moove will even take over Waymo’s fleet administration operations in Phoenix.

Shares of Uber and Lyft each shed about 10% on Thursday as traders weighed the risk that Waymo’s growth posed to the ride-sharing companies. Uber is partnering with Waymo in Austin and Atlanta to supply driverless automobile rides in these cities.

The information comes as traders anticipate the growth of self-driving expertise, with Tesla (TSLA) additionally working to develop driverless, ride-hailing expertise.

Learn the unique article on Investopedia

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