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Uber and Tesla Target Autonomous Vehicle Market
Uber Technologies (NYSE: UBER) and Tesla (NASDAQ: TSLA) are both making moves in the autonomous vehicle (AV) market. Uber has partnered with companies like Waymo to expand into self-driving technology, aiming to transform its ride-sharing model. In Q1, Uber reported sales of $11.5 billion, a 14% year-over-year increase, with net income of $1.8 billion, reversing net losses from the previous year.
Tesla, under CEO Elon Musk, is also investing in autonomy, launching a limited robotaxi pilot program in Austin. The company had Q1 revenue of $19.3 billion, a 9% decline year-over-year, but free cash flow rose 126% to $664 million. Both companies are well-positioned in a rapidly growing AV market, expected to increase from $2 billion in 2024 to $44 billion by 2030.
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