Uber Plans $10 Billion Robotaxi Push Amid Strong Q2 Earnings

Uber Technologies Inc. reported second-quarter revenue of $14.19 billion, a 12% year-over-year increase, and gross bookings of $58.02 billion. The company saw a 22% surge in bookings, driven by mobility and delivery services, while monthly active platform consumers rose 16% to 208 million. Despite these results and a profit of 81 cents per share, the company's stock fell 4.8% after third-quarter earnings forecasts of 84 to 88 cents per share missed analyst expectations.

To secure future growth, Uber is investing over $10 billion into its robotaxi business. Rather than building proprietary vehicles, the company is taking equity stakes in developers and expanding a partnership ecosystem that includes Waymo, Zoox, Nvidia, Rivian, and Lucid. The company currently operates in seven markets and aims to reach 15 cities by the end of 2026, including Tokyo, Madrid, Los Angeles, and Dubai. In London, Uber's partner Wayve received permits from Transport for London to launch a commercial service using 15 modified Ford Mustang Mach-E vehicles. Zoox vehicles are also expected to join the Uber app in Las Vegas later this year.

CEO Dara Khosrowshahi maintained that consumers remain strong despite fierce competition in Brazil from Chinese rivals Didi Global Inc. and Meituan. The company is also expanding its delivery footprint through a $14.8 billion acquisition of Delivery Hero. While Uber and Waymo will end an exclusive agreement in Atlanta and Austin by early 2028, Khosrowshahi predicts the autonomous ecosystem will support multiple winners.