Hyperdrive
Uber, Lyft Rally After Tesla’s ‘Toothless’ Robotaxi Reveal
- Tesla investors had been hoping for more specifics from event
- Risk to Uber’s dominant position had been a key concern
Uber and Lyft signage on a vehicle in San Francisco.
Photographer: Michaela Vatcheva/BloombergThis article is for subscribers only.
Uber Technologies Inc. and Lyft Inc. climbed in early trading after Tesla Inc.’s Elon Musk offered few details on the carmaker’s plans for a self-driving vehicle service that could compete with ride-hailing.
Uber’s stock jumped as much as 7% to hit an all-time high and Lyft’s advanced up to 8.3% on Friday after Musk’s unveiling of a robotaxi called Cybercab late Thursday in California. Tesla shares plunged as much as 10%.