Uber Technologies, Inc. launches robotaxis in the UAE
Uber Technologies, Inc. (UBER:NYSE) announced a partnership with WeRide to implement the technology startup robotaxis in the United Arab Emirates, according to a Sept. 25 press release. This partnership with WeRide is expected to launch in Abu Dhabi later this year. WeRide is an international L4 autonomous driving technology company and is the only technology company in the world to hold driverless driving permits in China, the US, the UAE and Singapore. WeRide’s first global collaboration will help expand its reach beyond China, while Uber continues to integrate robotaxis into its business platform. WeRide has been awarded the UAE’s first and only national license for self-driving vehicles, allowing the Chinese firm to test and operate robotaxis on public roads across the UAE. WeRide will also be going public in the near future through an initial public offering on the US stock exchange. The value of the IPO is expected to be worth up to US$5 billion. Currently, the initial public offering has been postponed due to incomplete documentation and the company is working to complete the necessary documentation.
Uber Technologies, Inc. (UBER:NYSE) has also expanded its partnership with Alphabet’s (GOOGL.O), which will open Waymo’s route through robotaxis to the U.S., specifically Austin and Atlanta. Uber has also teamed up with automotive giant General Motors Corp (owns brands: Chevrolet, Buick, GMC, Cadilac, Baojun, Wuling) through robotaxi, which will offer driverless autonomous vehicles in its lineup starting next year.
The company also recently released its financial results for the second quarter of 2024. Uber Technologies, Inc (UBER:NYSE)’s total revenue grew 21% year-over-year to $40 billion. Against the estimates from Bloomberg analysts were USD 39.7 billion. Operating profit for the second quarter increased 17% year-over-year to $10.7 billion. Net income increased 144% year-over-year to $796 million. Net income attributable to Uber Technologies, Inc. was $1.0 billion, which includes a $333 million (pre-tax) benefit due to net unrealized gains related to the revaluation of Uber’s equity investments. Uber Technologies Inc. reported better-than-expected orders in the second quarter, underscoring continued strong demand for taxi and delivery services. This has made Uber Technologies, Inc (UBER:NYSE) a very attractive stock to buy for private investors and multinational banking corporations, where an average target price of $89.31 per share has been set by 31 Wall Street analysts for the short- to medium-term investment horizon.
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