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What you need to know
- Google Waymo announced that its self-driving cabs would be tested on Miami’s streets by 2025 in preparation for offering service to clients in 2026.
- The shares of Uber, Lyft and other ride-hailing services have declined after investors weighed the dangers of driverless taxis.
- Tesla is also developing driverless ride-hailing technologies.
Google has announced it’s bringing self-driving taxis, Waymo, to Miami. The news caused shares in Uber Technologies (UBER), and Lyft Technologies (LYFT), to plummet as investors weighed up the risks to these services.
Waymo, in a blog posting on Thursday, announced the expansion of its ride-hailing driverless service to Miami. Waymo tested its vehicles previously in Miami. “challenging rainy conditions” For its driverless vehicle, the company stated.
A subsidiary of Google’s parent company, Alphabet (GOOGL), Waymo has brought its self-driving ride-hailing services to Phoenix, Los Angeles, San Francisco and Austin to date. In early 2025 the company plans to start training their all-electric Jaguar I-PACE in Miami and offer this service in 2026.
The company has also announced a partnership agreement with African fintech leader Moove, to manage expansion in Miami. Moove will also take over Waymo's fleet management operations in Phoenix.
The shares of Uber and Lyft fell by around 10% Thursday, as investors assessed the danger that Waymo expansion poses to the ridesharing business. Uber has partnered with Waymo to provide driverless cars in Austin and Atlanta.
Tesla (TSLA), which is also developing driverless ride-hailing technologies, announced the news as investors anticipated an expansion in self-driving tech.
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