Welcome to our dedicated page for Uber Technologies news (Ticker: UBER), a resource for investors and traders seeking the latest updates and insights on Uber Technologies stock.
Uber Technologies, Inc. (NYSE: UBER) is a global technology company headquartered in San Francisco. Primarily known for its ride-hailing services, Uber connects riders with drivers through its intuitive mobile app. With operations in over 63 countries and serving 150 million users monthly, Uber has significantly impacted how people move in urban settings.
Apart from taxi services, Uber's technology platform extends to food delivery through Uber Eats, which matches hungry customers with local restaurants. As part of its expansive vision, Uber is also pioneering autonomous vehicles, drone deliveries, and Uber Elevate for aerial ride-sharing, pushing the boundaries of conventional transportation.
Uber's recent strategic moves include a partnership with Lightspeed Commerce Inc., integrating Uber Eats and Uber Direct into the Lightspeed platform to enhance delivery options for merchants. Additionally, Uber's investment in Serve Robotics Inc., a company specializing in AI-powered delivery robots, showcases its commitment to innovative delivery solutions.
Financially, Uber has shown resilience and adaptability, consistently working towards diversifying its services and collaborations. These efforts position it as a pivotal player in the evolving landscape of smart transportation and delivery systems.
WeRide, a global autonomous driving technology company, and Uber Technologies, Inc. (NYSE: UBER) have announced a strategic partnership to bring WeRide's autonomous vehicles onto the Uber platform, starting in the United Arab Emirates. The partnership is set to launch first in Abu Dhabi later this year, with a dedicated number of WeRide vehicles available to consumers using the Uber app.
WeRide currently operates the largest robotaxi fleet in the UAE, accessible through the TXAI app. In July 2023, WeRide was granted the UAE's first and only national license for self-driving vehicles, allowing it to test and operate autonomous vehicles on public roads across the entire country.
The partnership aims to combine WeRide's technology with Uber's platform to deliver affordable, sustainable, and safe mobility solutions globally. However, the partnership does not contemplate any launches in the United States or China.
Darden Restaurants (NYSE: DRI) and Uber Technologies (NYSE: UBER) have announced an exclusive multi-year delivery partnership, starting with Olive Garden in late 2024. The collaboration will enable on-demand delivery through Olive Garden's channels, powered by Uber Direct. A pilot program will begin in late 2024, with national expansion expected by May 2025.
Key points:
- Guests can order delivery via Olive Garden's website and app
- Service will be available at over 900 company-owned locations across the U.S.
- Olive Garden retains guest data and insights
- Custom integration aims to preserve team member and guest experience
- Partnership addresses growing demand for home delivery while maintaining Olive Garden's competitive advantages
Uber (NYSE: UBER) and Waymo have expanded their partnership to bring autonomous ride-hailing services to Austin and Atlanta starting in early 2025. Uber will manage and dispatch a fleet of Waymo's fully autonomous, all-electric Jaguar I-PACE vehicles, which will grow to hundreds over time. Riders requesting UberX, Uber Green, Uber Comfort, or Uber Comfort Electric may be matched with a Waymo for qualifying trips.
Uber will provide fleet management services, including vehicle cleaning, repair, and general depot operations. Waymo will continue to be responsible for the testing and operation of the Waymo Driver, including roadside assistance and certain rider support functions. This expansion builds on their successful partnership in Phoenix, where autonomous trips have already been provided to tens of thousands of riders.
Uber Technologies (NYSE: UBER) and Turo have announced a multi-year partnership to integrate Turo's peer-to-peer car sharing marketplace into the Uber Rent platform. Starting in early 2025, Uber customers in the US, UK, Canada, Australia, and France will be able to rent from Turo's extensive selection of over 1,600 vehicle makes and models directly through the Uber app.
This collaboration aims to boost opportunities for Turo hosts and provide Uber users with access to a diverse range of vehicles. The partnership is expected to tap into a $150 billion-plus total addressable market, promoting shared vehicle access and reducing private car ownership. Both companies view this as a strategic move towards shaping the future of transportation.
Wayve, a leader in Embodied AI for self-driving, has announced a strategic partnership with Uber (NYSE: UBER). Uber will make a strategic investment in Wayve as part of the company's Series C funding round. The collaboration aims to accelerate the development of automated driving capabilities across various levels, from Level 2+ advanced driver assistance to Level 4 autonomous vehicles.
Key aspects of the partnership include:
- Collaboration with automotive OEMs to enhance consumer vehicles
- Deployment of future Wayve-powered self-driving vehicles on the Uber network globally
- Focus on Wayve's mapless end-to-end AI technology for automated vehicles
- Potential access to Uber's network of over 150 million monthly global users
This partnership aligns with both companies' vision of reimagining mobility and accelerating the adoption of autonomous driving technologies worldwide.
Uber Technologies, Inc. (NYSE: UBER) and Cruise have announced a multiyear strategic partnership to integrate Cruise's autonomous vehicles into the Uber platform. The collaboration is set to launch next year, initially featuring a dedicated fleet of Chevy Bolt-based autonomous vehicles. When Uber riders request qualifying trips, they may have the option to be transported by a Cruise autonomous vehicle.
This partnership aims to expand the accessibility of autonomous driving technology, potentially enhancing urban mobility and safety. Uber CEO Dara Khosrowshahi emphasized the company's role in introducing autonomous technology globally, while Cruise CEO Marc Whitten highlighted their mission to create safer streets and redefine urban life through driverless technology.
Uber Technologies, Inc. (NYSE: UBER) has announced that CEO Dara Khosrowshahi will participate in a fireside chat at the Goldman Sachs Communacopia & Technology Conference on Monday, September 9 at 2:25pm PT (5:25pm ET). An audio webcast of the event will be available on Uber's investor relations website.
Uber, founded in 2010, has facilitated over 52 billion trips to date. The company's mission is to create opportunity through movement, providing access to rides at the touch of a button. Uber aims to change how people, food, and things move through cities, opening up new possibilities.
Serve Robotics (NASDAQ: SERV) and Shake Shack (NYSE: SHAK) have partnered to offer autonomous robot delivery via Uber Eats in select Los Angeles areas. This collaboration marks Serve's progress towards deploying 2,000 AI-powered sidewalk delivery robots on the Uber platform by 2025. Serve's robots, which have been operating on Uber Eats since 2022, offer quick, convenient, and contactless delivery with advanced features including:
- Efficient route planning
- Secure food transit
- Cost-effective operations
- Safe navigation using GPS and AI
- Eco-friendly, all-electric design
This partnership aims to enhance guest experiences and expand Serve's geographic footprint while providing an innovative, affordable, and reliable delivery option for customers.
Uber Technologies (NYSE: UBER) reported strong Q2 2024 results, with Gross Bookings growing 19% YoY to $40.0 billion. Revenue increased 16% YoY to $10.7 billion, while Adjusted EBITDA surged 71% YoY to $1.6 billion. The company achieved record profitability with income from operations of $796 million, up $470 million YoY. Trips grew 21% YoY to 2.8 billion, averaging 30 million trips per day. Uber's cash flow remained strong, with operating cash flow of $1.8 billion and free cash flow of $1.7 billion. The company initiated share repurchases, buying back $325 million of common stock. For Q3 2024, Uber projects Gross Bookings of $40.25-$41.75 billion and Adjusted EBITDA of $1.58-$1.68 billion.
Uber Technologies, Inc. (NYSE: UBER) and BYD Co. have announced a multi-year strategic partnership aimed at introducing 100,000 new BYD electric vehicles to the Uber platform across key global markets. The partnership will initially focus on Europe and Latin America, offering drivers access to competitive pricing and financing for BYD vehicles. It will later expand to the Middle East, Canada, Australia, and New Zealand.
The collaboration aims to reduce the total cost of EV ownership for Uber drivers, accelerating EV adoption on the platform. The companies may also offer discounts on charging, maintenance, insurance, and financing based on market needs. Additionally, Uber and BYD will collaborate on future autonomous-capable vehicles for deployment on the Uber platform.
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