Uber Shares Soars as Tesla’s Robotaxi Event Eases Investor Concerns

As Tesla’s highly anticipated robotaxi launch event did not live up to ridesharing investors’ fears, shares of Uber Technologies surged to a record high on Friday. The 20-seater RoboVan and the autonomous CyberCab, which is intended for ridesharing, were introduced by Tesla on Thursday night. As an alternative to driving a single car through Uber or Lyft, CEO Elon Musk projected that the CyberCab would cost less than $30,000. He also outlined his vision of people owning fleets of CyberCabs.

Uber Stock Hits All-Time High as Tesla’s Robotaxi Event Disappoints Analysts

Analysts expressed disappointment with the event, pointing out that fewer facts were revealed than many investors in Uber and Lyft had feared. According to a note sent to clients by Jefferies analysts, the CyberCab was deemed toothless, and the incident represented Uber’s best-case scenario. The analysts stated that Uber was in a unique position to foster sustainable growth for AV developers and that Tesla had failed to produce any concrete proof of advancements in autonomous vehicles (AV).

• On Friday afternoon, Uber’s stock was up almost 10% to an all-time high of $85.66.
• The stock of rival Lyft (LYFT) increased by over 10% as well.
• After plunging, Tesla’s stock has lost 12% of its value since the year’s beginning.

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