Uber and Lyft Stocks Decline as Waymo Expands to Miami
On Thursday, shares of Uber Technologies Inc. (NYSE:UBER) and Lyft Inc. (NASDAQ:LYFT) fell by 4.7% and 4.9%, respectively. This decline in stock prices is associated with Google (NASDAQ:GOOGL) announcing that its autonomous driving technology company, Waymo, will expand its Waymo One service to Miami.
Waymo's announcement highlighted plans to bring its autonomous ride-hailing service to Miami. The company plans to start with a promotional phase using fully electric Jaguar I-PACE vehicles in early 2025. By 2026, it aims to make its services available to passengers through the Waymo One app in partnership with global mobility solutions provider Moove. This expansion aligns with Waymo's strategy to offer safer, more accessible, and fully electric mobility options to Miami residents and tourists.
The collaboration with Moove will kick off in Phoenix, where the fleet partner will manage Waymo's fleet operations, facilities, and charging infrastructure. Ryan McNamara, Waymo's Vice President of Operations, expressed excitement about the partnership, emphasizing the goal of providing safe and seamless rides while scaling the service in a more cost-effective manner with safety in mind.
Ladi Delano, Co-Founder and Co-CEO of Moove, stated that the partnership has the potential to create significant change in urban mobility and noted that Waymo is a leader in autonomous technology. Moove's operational expertise is expected to support this transformation.
Miami's Mayor, Francis X. Suarez, welcomed Waymo's initiative, noting its alignment with the city's focus on low-cost, clean energy solutions. Waymo's fully electric fleet is seen as a fitting addition to Miami's mobility landscape.
Waymo's expansion into Miami increases competitive pressure on Uber and Lyft. As one analyst pointed out, this move could raise concerns that these ride-hailing companies may face challenges from autonomous vehicle services like those offered by Waymo and Tesla. This development may have implications for the future positioning of Uber and Lyft in the robotaxi market.