Uber Stock Is Rebounding Day After GM Scrapped Cruise Robotaxi Program -- Barrons.com

Dow Jones12-12

Mackenzie Tatananni

Uber Technologies' stock rebounded in premarket trading Thursday. On Wednesday, General Motors announced the closure of its robotaxi program and sent shares of Uber, a former partner, into a spiral.

Uber stock was up 3.3% in premarket trading while those of ride-hailing peer Lyft rose 1.1%, while futures tracking the S&P 500 are down 0.2%. It may be a matter of investors buying the dip. On Wednesday, Uber stock fell 5.8%, while Lyft stock dropped 4.8%.

More than eight years after acquiring Cruise, GM said it would no longer fund the development of a self-driving taxi fleet, citing strained resources and "an increasingly competitive robotaxi market."

The development comes after Uber unveiled a partnership with Cruise in August to offer robotaxis on its app starting in 2025.

Uber didn't immediately respond to a request for comment on the closure of Cruise.

GM will instead shift its focus to Super Cruise, a hands-free driver-assistance system for personal vehicles. The company plans to fold Cruise and its GM technical teams into a single group to concentrate on these efforts.

The development comes after Uber unveiled a partnership with Cruise in August to offer robotaxis on its app starting in 2025.

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

December 12, 2024 08:17 ET (13:17 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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On Wednesday, General Motors announced the closure of its robotaxi program and sent shares of Uber, a former ...</p>\n\n<a href=\"https://dowjonesnews.com/newdjn/logon.aspx?AL=N\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SG9999015986.USD","symbol_name":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2490835153","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2490835153","pubTimestamp":1734009420,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"Uber Technologies' stock rebounded in premarket trading Thursday. 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On Wednesday, General Motors announced the closure of its robotaxi program and sent shares of Uber, a former partner, into a spiral. \n\n\n     Uber stock was up 3.3% in premarket trading while those of ride-hailing peer Lyft rose 1.1%, while futures tracking the S&P 500 are down 0.2%. It may be a matter of investors buying the dip. On Wednesday, Uber stock fell 5.8%, while Lyft stock dropped 4.8%. \n\n\n     More than eight years after acquiring Cruise, GM said it would no longer fund the development of a self-driving taxi fleet, citing strained resources and \"an increasingly competitive robotaxi market.\" \n\n\n     The development comes after Uber unveiled a partnership with Cruise in August to offer robotaxis on its app starting in 2025. \n\n\n     Uber didn't immediately respond to a request for comment on the closure of Cruise. \n\n\n     GM will instead shift its focus to Super Cruise, a hands-free driver-assistance system for personal vehicles. The company plans to fold Cruise and its GM technical teams into a single group to concentrate on these efforts. \n\n\n     The development comes after Uber unveiled a partnership with Cruise in August to offer robotaxis on its app starting in 2025. \n\n\n     Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com \n\n\n     This content was created by Barron's, which is operated by Dow Jones & Co. 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