Uber Technologies, Inc. (UBER) is making waves in the world of autonomous driving by partnering with WeRide, a leading autonomous driving technology firm. This collaboration will see WeRide’s self-driving vehicles integrated into the Uber platform, starting in the United Arab Emirates.
The partnership is set to launch in Abu Dhabi later this year, with a fleet of WeRide’s autonomous vehicles ready to be hailed through the Uber app. This move signifies a major step forward for Uber, allowing users to experience the convenience of self-driving technology within their familiar ride-hailing platform.
WeRide currently operates the largest robotaxi fleet in the UAE, offering its services through the TXAI app. However, this partnership with Uber will bring the convenience of autonomous transportation to a wider audience, integrating seamlessly into Uber’s existing ecosystem. While the initiative is initially launching in Abu Dhabi, it is important to note that the partnership will not be expanding to the U.S. or China at this time.
WeRide’s entry into the UAE’s autonomous vehicle market is significant, as they were awarded the country’s first and only national license for self-driving vehicles in July 2023. This license allows WeRide to test and operate its autonomous vehicles on public roads throughout the UAE, further accelerating the development and adoption of this technology.
The partnership with WeRide comes on the heels of Uber’s multi-year delivery partnership with Darden Restaurants, Inc., which will launch with Olive Garden in late 2024. This agreement will enable restaurant guests to order on-demand delivery through Darden restaurant channels, leveraging Uber Direct’s national delivery network.
UBER stock has seen impressive growth, surging over 72% in the past year. Investors looking to gain exposure to Uber can do so through the iShares Trust iShares U.S. Transportation ETF (IYT) and Franklin Disruptive Commerce ETF (BUYZ).
As of Wednesday’s premarket session, UBER shares are trading up 0.59% at $77.90. This partnership with WeRide signifies a key step forward in Uber’s commitment to autonomous technology, further solidifying its position as a leader in the evolving world of transportation.
