In an unexpected turn of events, ride-hailing giant Uber (NYSE:UBER) and Alphabet’s (NASDAQ:GOOGL) (NASDAQ:GOOG) Waymo, once locked in a fierce legal battle, have announced plans to collaborate on autonomous rides in Phoenix, Arizona. Under this new partnership, Waymo will furnish Uber with its self-driving vehicles to offer passenger rides and deliver food. The details of how many vehicles will be involved in this collaboration remain under wraps.
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This agreement is a strategic move for Waymo as it allows them to broaden their robotaxi service, which has been operational in Phoenix since late 2020, all while remaining competitive with Uber. Uber CEO, Dara Khosrowshahi, shared his excitement about integrating Waymo’s cutting-edge technology into Uber’s platform, signifying a growing acceptance of autonomous driving in daily life.
Overall, analysts have a Strong Buy rating on UBER stock based on 27 Buys assigned in the past three months. In addition, Wall Street expects more than 20% upside potential from current levels.