Shares of Uber (NYSE: UBER) shot up 3.65% in pre-market trading on Wednesday, March 11, just as the company announced a new partnership with Zoox, an Amazon (NASDAQ: AMZN) robotaxi subsidiary.
As part of the new deal, Zoox will begin offering its distinctive toaster-shaped robotaxis through the Uber app in Las Vegas starting this summer.
Looking further ahead, the two companies also plan to extend the service to Los Angeles in 2027, with Zoox continuing to operate rides through its app in both cities.
At press time, UBER stock was trading at $72.36, down 2% on the daily chart, with the pre-market figure sitting at $75.
24-hour UBER stock price. Source: Google FinanceUber partners with Amazon’s Zoox
The new partnership marks Zoox’s first collaboration with a third-party platform and suggests growing confidence in Amazon’s ability to commercialize its autonomous vehicle (AV) technology.
For Uber, the deal aligns with a broader strategy to position the platform as the primary marketplace for autonomous vehicle operators. Indeed, during the company’s fourth-quarter earnings call in February, CEO Dara Khosrowshahi stated that EVs integrated into Uber’s app achieve “significantly higher utilization” than those running on standalone services.
According to Uber’s own estimates, trips per autonomous vehicle are about 30% higher when booked through its platform. By the end of 2026, the management expects to scale even further and offer driverless rides in 15 cities worldwide.
Uber already offers robotaxi rides from Waymo through its app in Austin, Atlanta, and Phoenix. However, it also faces increasing competition from Waymo, which is expanding its standalone service across more U.S. markets. The Zoox partnership could thus strengthen Uber’s position and push forward as it strives to become the primary marketplace for autonomous vehicle services.
Featured image via Shutterstock
Source: https://finbold.com/uber-stock-soars-following-amazon-robotaxi-partnership/
