Uber and Lyft Shares Decline

On Thursday, shares of Uber Technologies Inc. (NYSE:UBER) and Lyft Inc. (NASDAQ:LYFT) fell by 4.7% and 4.9%, respectively. This decline is attributed to Waymo, Google's autonomous driving technology company, announcing an expansion of its Waymo One service to Miami.

Waymo's Plans for Miami

Waymo plans to introduce its autonomous ride-hailing service in Miami, starting with a reacquaintance phase using all-electric Jaguar I-PACE vehicles in early 2025. The service aims to be accessible to riders through the Waymo One app by 2026 in collaboration with Moove, a global mobility solutions provider. This expansion is part of Waymo's strategy to provide safer, more accessible, and all-electric transportation options for Miami residents and tourists.

Partnership with Moove

Moove will manage Waymo's fleet operations, facilities, and charging infrastructure starting in Phoenix. Ryan McNamara, Vice President of Operations at Waymo, expressed excitement about the partnership, focusing on safe and cost-effective scaling of the service.

Moove's Co-founder and Co-CEO Ladi Delano mentioned the partnership's potential to transform urban mobility with Waymo's leadership in autonomous technology supporting this change.

City Endorsement

Francis X. Suarez, Mayor of Miami, welcomed Waymo's initiative, highlighting its alignment with the city’s focus on low-cost, clean energy solutions, making the all-electric fleet a strong addition to Miami's transportation landscape.

Competitive Pressures on Uber and Lyft

Waymo’s expansion into Miami intensifies competition for Uber and Lyft. An analyst noted concerns that autonomous vehicle services like Waymo and Tesla (NASDAQ:TSLA) could pose challenges for these ride-hailing companies, potentially impacting their future in the robotaxi market.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.