On Thursday, shares of Uber Technologies Inc . (NYSE:UBER) and Lyft Inc. (NASDAQ:LYFT) experienced declines of 4.7% and 4.9% respectively. The dip in stock prices is linked to the recent announcement by Waymo, Google (NASDAQ:GOOGL)'s autonomous driving technology company, that it will be expanding its Waymo One service to Miami.
Waymo's announcement highlighted its plans to introduce its autonomous ride-hailing service to Miami, starting with a reacquaintance phase using all-electric Jaguar I-PACE vehicles in early 2025. The company aims to open its services to riders through the Waymo One app in 2026, in partnership with Moove, a global mobility solutions provider. This expansion is part of Waymo's strategy to offer safer, more accessible, and all-electric mobility options to the residents and tourists of Miami.
The collaboration with Moove will commence in Phoenix, where the fleet partner will manage Waymo's fleet operations, facilities, and charging infrastructure. Ryan McNamara, Vice President of Operations at Waymo, expressed enthusiasm for the partnership, emphasizing the goal to provide safe, seamless trips and scale the service more cost-effectively while prioritizing safety.
Ladi Delano, Co-founder and Co-CEO of Moove, also commented on the partnership's potential to drive a significant shift in urban mobility, with Waymo leading in autonomous technology. The operational expertise of Moove is expected to support the transformation.
Francis X. Suarez, Mayor of Miami, welcomed Waymo's initiative, noting the alignment with the city's focus on low-cost, clean energy solutions. The all-electric fleet of Waymo is seen as a fitting addition to Miami's mobility landscape.
The expansion of Waymo into Miami adds to the competitive pressures on Uber and Lyft, as one analyst pointed out that the move could fuel concerns about potential challenges these ride-hailing companies may face from autonomous vehicle services like Waymo and Tesla (NASDAQ:TSLA). This development could have implications for the future positioning of Uber and Lyft in the robotaxi market.
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