Uber Stock: Launches Driverless Robotaxi Service in Abu Dhabi with WeRide

TLDR

• Uber launched fully driverless robotaxi service in Abu Dhabi on Wednesday through its partnership with Chinese autonomous vehicle company WeRide
• This marks Uber’s fourth driverless market and the first robotaxi service in the Middle East, operating in select Yas Island areas
• Riders can book WeRide robotaxis through UberX or Uber Comfort options, with on-board support available via app and in-vehicle tablet
• Bank of America analyst Justin Post maintained a Buy rating on Uber with a $119 price target, while the stock has a Strong Buy consensus from analysts
• Uber reported Q3 revenue of $13.47 billion and net profit of $6.63 billion, up from $11.19 billion revenue and $2.61 billion profit last year

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Uber Technologies rolled out fully autonomous rides in Abu Dhabi on Wednesday. The service represents the company’s fourth driverless market and the first robotaxi operation in the Middle East.

The ride-hailing giant partnered with WeRide, a Chinese autonomous vehicle company listed on Nasdaq, to bring the technology to the United Arab Emirates capital. Riders in Abu Dhabi can now book a WeRide robotaxi when requesting an UberX or Uber Comfort ride.

The driverless vehicles will operate in specific areas of Yas Island. Riders can increase their chances of getting a robotaxi by selecting the autonomous option in the app.

Uber Technologies, Inc., UBER

WeRide and Uber first announced their partnership in September 2024. The companies started testing autonomous rides with an operator on board in Abu Dhabi last December. They also launched similar services with safety operators in Riyadh, Saudi Arabia, in October.

In May, Uber announced plans to expand the WeRide service to 15 additional cities over the next five years. This expansion will include markets in Europe.

Uber’s Growing Autonomous Network

In the United States, Uber already offers robotaxi services through its partnership with Waymo, Alphabet’s self-driving car unit. The company launched Waymo services in Austin and Atlanta earlier this year. Phoenix came online in late 2023.

Uber has placed multiple bets on autonomous technology. In July, the company signed a six-year robotaxi deal with electric vehicle maker Lucid and AV startup Nuro.

The on-board experience in Abu Dhabi includes support through both the Uber app and an in-vehicle tablet. Riders can access help during their journey through these channels.

Financial Performance and Analyst Views

Bank of America analyst Justin Post maintained a Buy rating on Uber with a price target of $119.

Uber carries a Strong Buy consensus rating from analysts. The consensus price target sits at $115.96.

The company reported third-quarter revenue of $13.47 billion. Net profit reached $6.63 billion for the quarter ending September 30. This compares to revenue of $11.19 billion and net profit of $2.61 billion in the same period last year.

Corporate insider sentiment on the stock has turned negative over the past quarter. Insiders have increased their selling activity compared to earlier this year. CFO Prashanth Mahendra-Rajah sold 5,500 shares for $519,200 earlier this month.

WeRide has also expanded its driverless operations in China. The company now operates full autonomous robotaxi services in Beijing and Guangzhou. Uber has not disclosed how it splits revenue from robotaxi rides with its partners.

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