“`html
Key Points
-
Autonomous vehicle technology still has development work to be done.
-
Robotaxis are expected to become a common reality as costs decrease.
-
The global ride-hailing market is projected to grow from under $90 billion to over $900 billion by 2033.
Uber Technologies (NYSE: UBER) is progressing into the autonomous ride-hailing market through partnerships with Alphabet’s Waymo and Lucid Motors. The current cost to develop an autonomous vehicle is estimated to be around $75,000, but this is expected to decrease as technology advances.
As of the first fiscal quarter, Uber serves 170 million users globally each month, with significant growth in the U.S., where over one-third of residents have used ride-hailing services. Despite skepticism toward autonomous vehicles—61% of U.S. drivers fear self-driving cars—a study indicates that Waymo’s self-driving taxis are significantly safer than human-driven vehicles, suggesting potential consumer acceptance will grow as reliability is demonstrated.
“`
