Uber Stock Rises After Firm Expands Partnership With Waymo: Retail Investors Cheer Deal

Uber Technologies (UBER) and Alphabet Inc (GOOG) (GOOGL)-owned Waymo have extended their partnership to bring autonomous ride-hailing to Austin and Atlanta. Shares of Uber jumped over 5% on Friday following the announcement.

Waymo started as the Google Self-Driving Car Project in 2009 and, so far, has served over two million rider-only trips.

Beginning in early 2025, Waymo and Uber will bring autonomous ride-hailing to Austin and Atlanta, only on the Uber app. The ride-hailing firm will manage and dispatch a fleet of Waymo’s fully autonomous, all-electric Jaguar I-PACE vehicles. 

Uber said that riders who request an UberX, Uber Green, Uber Comfort, or Uber Comfort Electric may be matched with a Waymo for qualifying trips.

Uber CEO Dara Khosrowshahi highlighted the fact that the firm’s partnership with Waymo has already powered fully autonomous trips for tens of thousands of riders in Phoenix. “Soon, riders in Austin and Atlanta will be able to experience that same mobility magic, through a new fleet of dedicated autonomous Waymo vehicles, available only on Uber,” he said.

The ride-hailing firm will also provide fleet management services including vehicle cleaning, repair, and other general depot operations. At the same time, Waymo will continue to be responsible for the testing and operation of the Waymo Driver, including roadside assistance and certain rider support functions.

Retail sentiment on Stocktwits flipped into the ‘extremely bullish’ territory (78/100) from the ‘neutral’ zone a day ago. Message volume jumped to a one-year high of 91/100 as investors discussed the potential impact of the deal.

Meanwhile, Uber shares have gained 23% this year. Recently, Wells Fargo reportedly reiterated its ‘Overweight’ rating on the stock with a price target of $97.

Bullish followers of Uber on Stocktwits are expressing optimism on the latest development. One user named ‘ShortyMcShorterson’ believes the stock could hit the $100-mark if the firm manages to report upbeat earnings and raise guidance. 

Also See: Tenon Stock Skyrockets 145% After Public Offering To Meet Nasdaq Rules: Retail Chatter Goes Through The Roof

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