TLDR
- Uber Technologies deployed fully driverless robotaxis in Abu Dhabi on Wednesday through WeRide partnership, creating Middle East’s first autonomous ride service
- Service covers specific Yas Island zones with UberX and Uber Comfort booking options and dual support systems via app and tablet
- This marks Uber’s fourth autonomous market after Austin, Phoenix, and Atlanta deployments with Waymo
- Company posted Q3 revenue of $13.47 billion and $6.63 billion net profit, up from prior year’s $11.19 billion and $2.61 billion
- WeRide expansion targets 15 additional cities including European locations over five-year timeline
Uber Technologies activated driverless robotaxi service in Abu Dhabi this Wednesday. The move brings autonomous vehicles to the Middle East for the first time.
WeRide, a Chinese autonomous vehicle company trading on Nasdaq, powers the new service. Customers access these robotaxis through regular UberX or Uber Comfort booking flows.
The vehicles operate within defined Yas Island boundaries. Users who choose the autonomous option receive higher priority for robotaxi matches.
Uber and WeRide formed their partnership last September. Testing with human operators started in Abu Dhabi in December. The companies also launched operator-assisted rides in Riyadh during October.
Plans call for WeRide service expansion into 15 more cities by 2029. Europe will see multiple market entries as part of this rollout.
Building the Autonomous Network
Uber runs driverless operations in three American cities via Waymo. Atlanta and Austin launched this year while Phoenix went live in late 2023.
A July agreement with Lucid and Nuro adds another autonomous partnership. The six-year deal broadens Uber’s self-driving vehicle options.
Abu Dhabi riders get help through two channels. The Uber app provides one support avenue while an in-car tablet offers another.
WeRide operates completely driverless services in two Chinese cities. Beijing and Guangzhou both host the company’s autonomous fleets.
Financial Picture and Wall Street Views
Analysts give the stock a Strong Buy consensus rating. The average price target sits at $115.96 across coverage.
Bank of America’s Justin Post keeps his Buy rating active. His $119 target reflects confidence in the company’s direction. Post ranks in the top 100 analysts with 23.5% average returns.
Revenue for the September quarter reached $13.47 billion. Profit hit $6.63 billion during the same three-month stretch.
The year-ago period saw $11.19 billion in revenue. Profit totaled $2.61 billion back then.
Trading Activity Shows Shift
Insider selling picked up over recent months. The pattern marks a change from early 2024 behavior.
CFO Prashanth Mahendra-Rajah moved 5,500 shares in November. The sale brought in $519,200.
More than 106 insiders demonstrated negative sentiment. Their collective actions show increased share sales compared to earlier periods.
Revenue split details between Uber and its autonomous partners stay private. The company hasn’t disclosed partnership economics.
Lyft announced its own Waymo deal in September. Nashville will get robotaxis next year through that agreement.
WeRide maintains its Chinese operations while expanding internationally. The Abu Dhabi launch represents its first Middle Eastern market.
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