Autonomous Taxis: Uber's Arrival Imminent, Lyft Following Close Behind - Waymo Set to Create Waves in the Industry
Waymo, a subsidiary of Alphabet, is set to expand its Robo-taxi services to Nashville next year, marking its first partnership with Lyft for such services. This move is scheduled for early 2024.
The collaboration comes at a time when Lyft has been more successful on the stock market compared to Uber. In fact, Lyft shares surged around 14 percent, while Uber's stock dipped by nearly five percent due to Waymo's new plans for Robo-taxis.
For Lyft, this partnership could potentially help narrow the gap with its larger rival, Uber. Despite the recent developments, investors still consider Uber stock to be the long-term favorite in the ride-hailing sector due to its significant size and associated economies of scale. Uber currently holds a market capitalization of over $200 billion, which is around 25 times more than Lyft.
Waymo, on the other hand, has achieved over ten million paid rides in May 2023, solidifying its position as the dominant player in the Robo-taxi market. The company has previously collaborated with Uber in Atlanta and Austin but will partner with Lyft for the first time in Nashville.
In this partnership, Lyft will be responsible for fleet management, ensuring vehicle availability and maintenance, and providing infrastructure for Waymo's Nashville fleet. Customers in Nashville will be able to book Robo-taxis via the Waymo One app and eventually through the Lyft platform.
The stock market symbols for Lyft and Uber are WKN: A2PE38 and WKN: A2PHHG, respectively. Waymo has operated in Austin, Atlanta, Phoenix, San Francisco, and Los Angeles and plans to expand to Nashville, Miami, Washington D.C., Dallas, and Denver by 2026.
It's worth noting that Waymo and Lyft had previously collaborated in a pilot project in 2019. This new partnership is a significant step forward in their relationship and is expected to bring Robo-taxis to more cities in the near future.
This expansion into Nashville marks Waymo's first partnership with Lyft for Robo-taxi services, and it's a positive move for Lyft but not good news for Uber. As the Robo-taxi market continues to grow, it will be interesting to see how these companies adapt and compete in the coming years.
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