LYFT Stock In Focus After Multiple AV Tie-Ups: Retail Sentiment Brightens

Shares of ride-hailing firm Lyft Inc ($LYFT) were in focus on Wednesday after the company disclosed plans for multiple autonomous vehicle (AV) partnerships to connect the Lyft community with future AV rides in the Lyft app.

Lyft and Mobileye have entered into a partnership through which Lyft will make its scaled rideshare platform available to all vehicles with Mobileye’s self-driving technology.

‘Vehicles equipped with Mobileye Drive technology will hit the road “Lyft-ready” — giving small and large fleet operators seamless access to Lyft’s platform and network of riders to optimize their vehicles,” the company said in a statement.

At the same time, May Mobility will directly deploy AVs to the Lyft platform in Atlanta starting in 2025 following which Atlanta riders will have the opportunity to be matched with a fleet of autonomous Toyota Sienna minivans equipped with May Mobility’s autonomous technology. Lyft and May Mobility are intending to scale this deployment over time across multiple markets.

Meanwhile, Nexar and Lyft will explore ways to harness the power of aggregated, anonymized marketplace and fleet data.

Mobileye CEO Amnon Shashua said cooperating with leading mobility providers and operators is an essential step to bring autonomous mobility services to reality.

“Enabling Mobileye Drive with Lyft’s network of 40 million annual riders in North America would allow our AV customers to reach new markets and geographies with autonomous services and provide the benefits of the technology through a sustainable business,” he said.

Lyft also said it will continue to partner with additional industry leaders.

Shares of Lyft were trading nearly 4% higher on Wednesday. However, it is difficult to attribute the gains to the new partnerships, given the broader market rally following Donald Trump’s victory in the US Presidential election.

Nevertheless, retail sentiment on Stocktwits jumped into the ‘bullish’ territory (59/100) from the ‘bearish’ zone a day ago, supported by ‘high’ message volume.

LYFT shares have gained over 3% since the beginning of the year.

Also See: US Election 2024: Here’s Why Bank Stocks Are Rising After Trump's Victory

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