Autonomous driving partner Wayve received a key London license, paving the way for public robotaxi trials on the platform.
- Transport for London (TfL) licensed Wayve’s autonomous all-electric Ford Mustang Mach-E vehicles for private hire, completing London’s ‘triple-lock’ licensing requirement for autonomous ride services.
- Uber is set to report Q2 earnings before the bell on Wednesday, with analysts expecting revenue of $14.26 billion and earnings of $0.83 per share, according to Fiscal.ai data.
- Wall Street is also watching for Uber’s commentary on autonomous driving partnerships.
Uber (UBER) drew investor attention on Wednesday ahead of its second-quarter earnings while its autonomous vehicle ambitions took a step forward with Transport for London (TfL) approving Wayve’s self-driving vehicles for public trials.
At the time of writing, UBER shares climbed around 3% higher in pre-market trading.
Uber’s Autonomous Vehicle Partnerships In Focus
Uber is set to report Q2 earnings before the bell on Wednesday, with analysts expecting revenue of $14.26 billion and earnings of $0.83 per share, according to Fiscal.ai data. This compares to revenue of $12.65 billion and earnings of $0.63 per share in the previous corresponding period.
Analysts expect management to provide updates on its autonomous vehicle strategy, including its partnerships with Wayve and Waymo, and broader international expansion plans. Bernstein expects management to highlight continued strength in its U.S. Mobility business, supported by trends in demand and insurance costs, according to The Fly.
Meanwhile, BofA expects the earnings call to focus on autonomous vehicle supply, including updates on Uber’s partnership with Waymo, plans for U.S. robotaxi launches, and progress in international markets.
London Approval Advances Uber’s Robotaxi Plans
TfL granted Wayve’s autonomous all-electric Ford Mustang Mach-E vehicles Private Hire Vehicle licenses. The licensing completes London’s ‘triple-lock’ requirement, under which the operator, the driver and the vehicle must all be licensed by TfL.
Uber’s global head of autonomous mobility operations called the license a “key milestone in bringing autonomous rides to London on Uber.”
The vehicles use Wayve’s AI Driver, cameras and radar to navigate, although each trip will include a trained, TfL-licensed private hire driver who can monitor the ride and take control if necessary.
Interest in the service has been strong, with more than 100,000 Londoners signing up over the past eight weeks for a chance to be among the first riders. Later this year, a limited group will be invited to take early trips as Uber and Wayve refine the experience before a broader public launch.
Uber teamed up with Pony AI (PONY) and Verne in April to launch Europe’s first commercial robotaxi service in Zagreb, Croatia. The approval comes as Uber competes with rivals including Tesla, Waymo and Lyft to establish commercial autonomous ride-hailing networks.
UBER Bulls Expect Rally
Retail sentiment surrounding UBER on Stocktwits turned ‘bullish’ from ‘neutral’ over the past 24 hours, amid a 147% increase in message volumes.
One user expects the stock to climb to $85. It is currently at $73.3
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The stock is down over 13% year-to-date.
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