Stock Track | Uber Stock Soars 5% Ahead of Tesla's "Cybercab" Robotaxi Unveiling

Stock Track10-11

Shares of Uber Technologies Inc. (UBER) surged over 5% in pre-market trading on October 11, 2024, after Tesla Inc. unveiled its latest autonomous vehicle offering - the "cybercab" robotaxi. The news fueled investor optimism around the potential benefits for ridesharing companies like Uber as self-driving technology advances.

Tesla's new robotaxi, set to launch in 2027, is designed without a steering wheel or pedals and can transport up to 20 passengers at a time. The company also announced plans to begin deploying fully autonomous versions of its existing vehicles in Texas and California starting next year.

Analysts view Tesla's autonomous driving push as a positive catalyst for Uber, which dominates the U.S. rideshare market with a 76% share. Uber has been actively exploring partnerships in the autonomous vehicle space, recognizing the potential for robotaxis to significantly reduce operational costs and boost margins.

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