Uber and Lyft Stocks Plunge As Google's Waymo Brings Driverless Taxis to Miami

Core Insights - Waymo, a subsidiary of Alphabet, plans to train its self-driving taxis in Miami starting in early 2025, with a service launch aimed for 2026 [1][3] - The announcement has negatively impacted shares of ride-hailing companies Uber and Lyft, which dropped approximately 10% as investors assessed the competitive threat posed by Waymo's expansion [2][4] - Waymo has previously launched its services in cities like Phoenix, Los Angeles, San Francisco, and Austin, and is partnering with Moove for its Miami expansion [3][4] Company Developments - Waymo's self-driving taxis will utilize all-electric Jaguar I-PACE vehicles for operations in Miami [3] - The company has tested its vehicles in Miami, noting the challenging rainy conditions that the city presents for driverless technology [2][3] - Uber is currently collaborating with Waymo in Austin and Atlanta to provide driverless rides, indicating a complex relationship between the two companies [4] Market Reactions - The market response to Waymo's announcement reflects investor concerns regarding the viability of traditional ride-hailing services in the face of advancing self-driving technology [2][4] - The expansion of self-driving technology is anticipated to disrupt the ride-hailing industry, with Tesla also developing similar driverless ride-hailing capabilities [1][4]