Uber just launched self-driving rides in Arizona

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on Oct 26, 2023
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  • Uber partners with Waymo to launch autonomous vehicles as rides.
  • Local regulators have extended support to the two companies.
  • Uber shares are down 20% versus their year-to-date high at writing.

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Uber Technologies Inc (NYSE: UBER) is in focus this morning after it launched autonomous vehicles as rides in Phoenix, Arizona.

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Uber partners with Waymo

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The ride-hailing behemoth partnered with Waymo – a subsidiary of Alphabet Inc (NASDAQ: GOOGL) to introduce self-driving rides in the “largest autonomous services area in the world”, as per a blog post on Thursday.

The news arrives only days after Google said its “other bets” which includes its autonomous vehicles project (Waymo) brought in $297 million in revenue in the third quarter versus $208 million a year ago (read more).

Uber Technologies is scheduled to report its quarterly financial results in the second week of November. Consensus is for it to earn 13 cents a share versus 61 cents per share of loss instead a year ago.

Shares of the California-based company are down 20% versus their year-to-date high at writing.

Local regulators seem onboard

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Uber does plan on expanding autonomous rides to other cities as well eventually. Choosing a self-driving vehicle as a ride, it added, will not incur any additional charges.

A spokesperson for the New York listed firm also told CNBC that local regulators have already extended their support to Uber and Waymo on this venture.

Uber app will notify a user when they’re paired with a self-driving vehicle – and it will be left to their discretion to accept or reject the ride.

Note that the DMV of California ordered Cruise – the autonomous driving segment of General Motors to remove its cars from state roads citing a threat to public safety.

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