Uber's (UBER, Financial) stock price reached an all-time high, surging over 8% to $84.22. Concurrently, its competitor Lyft (LYFT) saw its shares rise by more than 9%, reaching $13.585. This upward trend comes amid significant developments in the autonomous vehicle industry.
At a recent event, Tesla's CEO Elon Musk announced the launch of the CyberCab and a driverless Model Y. Analysts from Bank of America suggest that Uber's extensive network could benefit from advancements in autonomous vehicle technology, as competitors in this field continue to innovate and enhance their offerings. The fierce competition in the autonomous vehicle sector could potentially increase the value of Uber’s network.
Jefferies analysts also noted that Uber is well-positioned for a future with robotaxis. In support of this competitive positioning, Uber has recently formed partnerships with companies like Waymo, Cruise, and WeRide, reinforcing its strong stance in the autonomous vehicle arena.
