Uber Technologies (UBER) is taking a giant leap into the future by partnering with the Chinese self-driving startup WeRide. This collaboration aims to introduce robotaxis to the United Arab Emirates, marking WeRide’s first venture with a global rideshare platform. As Uber sets its sights on incorporating autonomous vehicles into its service, this partnership enhances Uber’s competitive edge in the ridesharing market.
WeRide Takes to UAE Roads
With WeRide receiving the UAE’s first and only national license for self-driving vehicles, they can now test and operate robotaxis on public roads across the country. This move not only helps WeRide expand its reach beyond China but also positions Uber as a key player in the burgeoning robotaxi market. According to Reuters, the partnership is set to launch in Abu Dhabi later this year.
Uber Intensifies Push for Robotaxis in the U.S.
Uber is not stopping here. Just this month, the company expanded its partnership with Waymo to introduce robotaxis in Austin and Atlanta. Additionally, a deal with General Motors’ (GM) Cruise division will see autonomous vehicles available on its platform starting next year. These developments coincide with the Biden administration’s recent proposals to regulate self-driving technology.
Is UBER Stock a Good Buy Right Now?
Analysts remain bullish about UBER stock, with a Strong Buy consensus rating based on 31 Buys and one Hold. Over the past year, UBER has surged by more than 60%, and the average UBER price target of $87.93 implies an upside potential of 18.3% from current levels.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
