Uber and Lyft Stocks Decline As Tesla Plans Ride-Hailing App

Tiger Newspress04-24

Tesla has hinted for years that it wants to launch a ride-hailing app, and now it is previewing what that could look like.

The company says it has been investing in the hardware and software needed to achieve fully autonomous technology and to launch a ride-hailing service.

"We are currently working on ride-hailing functionality that will be available in the future. We believe the Tesla software experience is best-in-class across all our products, and plan to seamlessly layer ride-hailing into the Tesla App," the company said Tuesday.

The automaker has hinted at plans to launch a ride-hailing network for years. In a slide deck previewing the service, the automaker included an image of a Model Y SUV as a vehicle responding to pick up a passenger—indicating Tesla doesn't want to only have its robotaxi models on the network.

Shares of Uber and Lyft fell in morning trading Wednesday. Uber slipped 3.6%, while Lyft dropped 5%.

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