Latest news with #DaraKhosrowshahi
Axios
2 days ago
- Business
- Axios
Mariners dominate AL West with six-series streak
⚾️ The Mariners head into tonight's game against the Angels atop the American League West, riding a six-series win streak after taking down the Marlins over the weekend. MyNorthwest) 💰 Donors with ties to Washington — including Amazon, Boeing, Microsoft, Coupang Inc., and Uber CEO Dara Khosrowshahi — contributed $5.3 million to Trump's record-breaking inauguration fund. (Seattle Times)
Miami Herald
2 days ago
- Automotive
- Miami Herald
Uber shares hit pothole ahead of Tesla Robotaxi debut
Looks like Uber (UBER) got caught in a hit-and-run. The ride-sharing company's stock got rear-ended by investors on May 29 following a Wedbush report warning about competition from electric-vehicle maker Tesla's (TSLA) very long-awaited Robotaxi, which is tentatively set for June 12. Don't miss the move: Subscribe to TheStreet's free daily newsletter Tesla CEO Elon Musk, who has been promising to deliver the Robotaxi for over a decade, gave the world update on the project's status in a May 29 post on X, formerly Twitter, the social media site he bought for $44 billion. "For the past several days, Tesla has been testing self-driving Model Y cars (no one in driver's seat) on Austin public streets with no incidents," he wrote. "A month ahead of schedule. Next month, first self-delivery from factory to customer." Wedbush, which has a neutral rating and $85 price target on Uber, believes the Tesla Robotaxi serves as a long-term threat to Uber's business model, according to The Fly. While management has executed well across mobility and delivery initiatives, the firm said, the lack of fresh catalysts coupled with shares trading at a premium to peers leaves limited upside if demand softens. The report left tread marks all over Uber's stock, with shares sliding 5.8% at last check. Other investment firms had a different view of the subject. More Tesla: Analyst sets eye-popping Tesla stock price targetFund manager has shocking Elon Musk and Tesla predictionLeaked Tesla policy should infuriate Tesla loyalists BMO Capital said that Uber's underperformance in light of the announced Robotaxi launch date was expected. The firm believes shares are oversold at current levels, given Uber continues to expand internationally with the purchase of Denmark's largest taxi company, Dantaxi; continued positive trends for AV adoption in Austin; and ongoing innovation for both Mobility and Eats. BMO reiterated an Outperform rating on "Top Pick" Uber, with a price target of $101. On May 23, Tigress Financial analyst Ivan Feinseth raised the firm's price target on Uber to $110 from $103 and kept a buy rating on the shares. Uber continues to benefit from strong ridership and delivery demand, ongoing innovation, and partnerships to drive substantial growth, the analyst said. Feinseth said he believes that autonomous vehicle opportunities will be a significant long-term upside catalyst. Related: Dara Khosrowshahi's net worth: The Uber CEO's wealth & income Uber is certainly no stranger to autonomous vehicles. In September, the company announced an expansion of its partnership with Alphabet's (GOOGL) Waymo to include Austin and Atlanta. Uber has been offering rides via Waymo in Phoenix since 2023. "Obviously, Waymo has a safety track record second to none. Consumers are loving the product," Uber CEO Dara Khosrowshahi said during the company's first-quarter earnings call in April."The team on the ground is doing a terrific job in terms of repairs and cleaning and recharging the cars, etcetera, to make sure that the Waymo's are available for rides," he said. Uber also has a partnership with Chinese autonomous vehicle company WeRide. On May 5, Uber said it would expand to 15 cities over the next five years, including some in Europe as well as the United States. Related: Uber price targets revamped as CEO unveils autonomous-vehicle expansion plans The announcement came five months after Uber's first collaboration with WeRide, where the companies launched a robotaxi service in Abu Dhabi, Uber's first international offering. Khosrowshahi said last month that Uber would "love to work with" Musk's company, according to Business Insider, and revealed that he owns a Tesla. "Great car," Khosrowshahi said. Asked if he has tried full self-driving, Khosrowshahi responded, "It is delightful, but I have to take over every once in a while. It is an absolutely great product. Again, the car is a terrific car." Musk has been dismissive of Waymo's technology, telling analysts last month that the issue with the company's cars "is it costs way more money." "The car is very expensive, made in low volume," he said during the company's earnings call. "Teslas are probably cost 25% or 20% of what a Waymo costs and made in very high volume." However, Forbes Senior Editor Alan Ohnsman said Tesla's Robotaxi "looks like a disaster waiting to happen." "Sometimes products launch when they're ready and sometimes products launch because someone just wants to put it out," he said. "In this case there is absolutely objectively no evidence that Tesla is ready for this step." Ohnsman said Musk believes that cost is the primary target for the Robotaxi, adding that "your iPhone has a better camera than what Tesla is putting on its car and your iPhone is not driving in the street and doesn't risk killing people." "I know many experts who research autonomous vehicle tech and are very concerned about this," he said. "Trying to be very low cost out of the gate for a technology you have not yet mastered doesn't really seem like the best idea, but that's where we are with what Tesla is doing." Tesla did not immediately respond to a request for comment. Related: Veteran fund manager unveils eye-popping S&P 500 forecast The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
2 days ago
- Business
- Yahoo
Tesla (TSLA) Robotaxi Rollout Sparks Uber, Lyft Sell-Off Frenzy
May 29 - Tesla (NASDAQ:TSLA) plans to start operating a fleet of 10 to 20 full self-driving Model Y vehicles on Austin's public streets in mid-June, following on-road tests this week without a driver or onboard engineer. Shares of Uber (NYSE:UBER) and Lyft (NASDAQ:LYFT) declined in Thursday's trading, reflecting investors' caution as competition heats up. Warning! GuruFocus has detected 4 Warning Signs with NVDA. Uber has been building its own autonomous network through partnerships with Google's Waymo (NASDAQ:GOOG) in Austin and Atlanta, Pony AI (NASDAQ:PONY), Momenta and May Mobility, which is set to launch on the Uber platform in Arlington, Texas, by year-end. A separate agreement with WeRide (NASDAQ:WRD) aims to roll out driverless vehicles across 17 U.S. cities over the next five years. Lyft is also deepening its self-driving ambitions via ties with Mobileye (NASDAQ:MBLY), Marubeni (MARUY) and May Mobility, with trials expected in Atlanta as soon as this summer and a broader launch in Dallas by 2026. Lyft CEO David Risher says autonomous vehicles may reshape the ride-hailing market over time, and Uber CEO Dara Khosrowshahi predicts they could supplant most human-driven cars by around 2040. This article first appeared on GuruFocus. Sign in to access your portfolio
Leaders
3 days ago
- Automotive
- Leaders
China's WeRide Launches Driverless Taxi Operations in Saudi Arabia
Chinese autonomous driving company WeRide has officially announced its plans to launch self-driving taxis in Saudi Arabia by year-end. The company is currently testing its flagship product, the Robotaxi, in Riyadh and the luxurious holiday resort of AlUla. Additionally, WeRide is evaluating other core autonomous driving products, as stated in a recent press release. We're officially in Saudi Arabia! 🇸🇦 @WeRide is rolling out our #Robotaxi, #Robobus and #Robosweeper across #Riyadh, #AlUla and more — driving forward the Kingdom's #Vision2030 goals for smart, sustainable mobility. Here's what to expect: 🚖 Robotaxi trial operations in Riyadh… — (@WeRide_ai) May 27, 2025 Collaboration with Local Partners Founded in California's Silicon Valley, WeRide operates on the Nasdaq but maintains its headquarters in Guangzhou, China. In Saudi Arabia, the company collaborates with Uber and the Transport General Authority to facilitate its operations. Furthermore, Saudi company AI Driver will serve as WeRide's representative agent in the kingdom. While Uber prepares to introduce driverless cars in Riyadh within the next few months, WeRide is also conducting road tests for its Robobus. Testing locations include King Fahad Medical City, Saudi Aramco residential communities, AlUla, and the Ritz-Carlton in Riyadh. Moreover, WeRide's Robosweeper, an autonomous sanitation vehicle, is undergoing trials in King Fahad Medical City. Understanding Autonomous Vehicle Levels There are six classifications of autonomous vehicles (AVs), ranging from level zero, which indicates no automation, to level five, representing full driving automation. Notably, the Robosweeper is classified as the first level-four sanitation vehicle, showcasing significant advancements in autonomous technology. Earlier this month, Uber CEO Dara Khosrowshahi announced that driverless cars would debut in Saudi Arabia this year. Speaking at the US-Saudi Investment Conference in Riyadh on 13 May, Khosrowshahi emphasized that Saudi Arabia ranks among Uber's top growing markets. He highlighted that the company currently serves 4 million drivers across the kingdom, indicating strong demand for innovative transportation solutions. Short link : Post Views: 37
Entrepreneur
4 days ago
- Automotive
- Entrepreneur
Uber, Rideshares Creating a Decline in Gen Z Drivers
Getting a license used to represent freedom for young drivers. Here's why some Gen Zers are saying no thanks. In 2003, statistics from the U.S. Department of Transportation showed that 45% of eligible people age 19 or under had a driver's license. In 2023, that number has declined to about 33%. Are Gen Zers failing the parallel parking portion of their tests in record numbers? No, the decline in licensed drivers has nothing to do with skill and everything to do with tech, reports Business Insider. Related: 'It Is What It Is': Uber CEO Defends New Return-to-Office Policies at 'Heated' All-Hands Meeting More and more young folks are getting around in Ubers, and see no real reason to get behind the wheel themselves. On a recent conversation on the Decoder podcast, Uber CEO Dara Khosrowshahi revealed that his 18-year-old son is part of the trend. "I'm still trying to get my son to get his driver's license, but Uber's freed him up," Khosrowshahi said. Khosrowshahi explained that for older generations, getting a driver's license meant freedom — you could finally go where you wanted to go without needing a lift from your parents. These days, Uber delivers that same freedom, he said, without the cost of buying a car, insuring it, and keeping it fueled up. Related: Uber's CEO Says Drivers Have About 10 Years Left Before They Will Be Replaced Uber has long billed itself as an alternative to car ownership, and has not been quiet about its efforts to capture the teen demographic. They've offered a version of the app geared at teens since 2023, and their subscription program, Uber One, allows parents to get rides for their kids. Uber's efforts with this demographic and others seem to be paying off. In its 2025 first-quarter investor report, Uber's gross bookings grew 14% year-over-year to $42.8 billion. The company estimates second-quarter gross bookings will reach $45.75 to $47.25 billion.
