Uber Technologies (UBER) Partners With Lyft and Baidu to Launch Driverless Taxi Trials in UK

Uber Technologies, Inc. (NYSE:UBER) is one of the Best Affordable Stocks to Buy According to Analysts. On December 22, Reuters reported that companies including Uber Technologies, Inc. (NYSE:UBER), Lyft, and Chinese Baidu have partnered to launch driverless taxi trials in the UK by next year.

As a result of this partnership, Baidu’s Apollo Go RT6 will join ride-hailing platforms in London by 2026. In addition, Wayve, which is a London-based startup, is also expected to launch its trials in 2026, driven by roughly $1 billion in investment from Uber Technologies, Inc. (NYSE:UBER) and SoftBank. The company will test its mapless, AI-driven technology with the launch.

That said, on December 18, Nikhil Devnani from Bernstein reiterated a Buy rating on the stock and raised the price target from $110 to $115. The analyst noted that they remain optimistic on the stock despite the pressure from the emerging AV industry, driven by increased competition from players like Waymo, Zoox, and Tesla. Devnani noted that the increased competition from the AV industry has moderated the margins for the company to some extent, as the company is investing in its core mobility segment and also allocating significant capital towards AV initiatives. However, regardless, the firm expects Uber Technologies, Inc. (NYSE:UBER) to exceed Gross Bookings and EBITDA estimates.

Uber Technologies Inc. (NYSE:UBER) is a global technology platform that connects consumers with transportation, delivery, and logistics services. The company operates through its Mobility, Delivery, and Freight segments, offering ride-hailing, meal delivery, and freight brokerage solutions.

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Disclosure: None. This article is originally published at Insider Monkey.