Uber and Lyft stocks Drop as Google's Waymo Launches Driverless Taxis in Miami
Google's Waymo is expanding its self-driving taxi service to Miami, a move that caused a sharp decline in shares of Uber Technologies (UBER) and Lyft (LYFT) as investors considered the potential threat to their businesses.In a blog post on Thursday, Waymo revealed plans to bring its driverless ride-hailing service to Miami. The company has previously conducted tests in the city, which presented "challenging rainy conditions" for its autonomous vehicles.
Waymo, a subsidiary of Alphabet (GOOGL), has already launched its self-driving ride-hailing services in Phoenix, Los Angeles, San Francisco, and Austin. The company plans to begin training its all-electric Jaguar I-PACE vehicles on Miami streets in early 2025, with an official launch set for 2026.
Additionally, Waymo announced a partnership with African fintech provider Moove to help manage its Miami expansion. Moove will also take over the fleet management operations for Waymo’s service in Phoenix.
Shares of Uber and Lyft fell by approximately 10% on Thursday, as investors assessed the competitive risk posed by Waymo’s growth. Uber is already collaborating with Waymo in Austin and Atlanta to offer autonomous rides in those cities.
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