Uber Technologies, Inc. (NYSE: UBER) shares are trading higher after the company and Waymo announced an expansion of their partnership, bringing autonomous ride-hailing to Austin and Atlanta.
Starting early in 2025, Waymo (NASDAQ: GOOG) (NASDAQ: GOOGL) and Uber will exclusively introduce autonomous ride-hailing services in Austin and Atlanta through the Uber app. This collaboration will see Uber managing and dispatching a fleet of Waymo's fully autonomous, all-electric Jaguar I-PACE vehicles, which will eventually number in the hundreds.
Waymo is an autonomous driving technology company serving over two million rider-only trips across 13+ U.S. states.
Uber riders requesting services like UberX, Uber Green, Uber Comfort, or Uber Comfort Electric may be matched with a Waymo vehicle for eligible trips.
According to Benzinga Pro, UBER stock has gained over 41% in the past year. Investors can gain exposure to the stock via iShares Trust iShares U.S. Transportation ETF (NYSE: IYT) and Franklin Disruptive Commerce ETF (NASDAQ: BUYZ).
"We're thrilled to build on our successful partnership with Waymo, which has already powered fully autonomous trips for tens of thousands of riders in Phoenix," said Uber CEO Dara Khosrowshahi.
As part of this expanded partnership, Uber will handle fleet management tasks such as vehicle cleaning, repairs, and general depot operations. Meanwhile, Waymo will remain in charge of testing and operating the Waymo Driver, as well as providing roadside assistance and specific rider support functions.
"We've been delighted at the positive feedback from our Waymo One riders to date, and we can't wait to bring the comfort, convenience, and safety of the Waymo Driver to these cities in partnership with Uber," said Tekedra Mawakana, co-CEO, Waymo.
Price Action: UBER shares are trading higher by 5.76% to $72.01 at last check Friday.