Tesla's hyped robotaxi unveiling posed a threat to Uber's ride-sharing aspirations, but it has turned into a boon for the stock instead.
leading up to Thursday's event — particularly slumping in early August and mid-September — but surged more than 9% on Friday onthat the company is well positioned to advance its autonomous vehicle offerings. The move pushed the stock to a 52-week high and it was leading the S&P 500 higher during the session.
"TSLA did not provide verifiable evidence of progress toward L3 autonomous technology, which makes it difficult to assess feasibility of the targets outlined at the event given there is no precedent for achieving higher levels of autonomy using a vision-only approach ," Colantuoni said. "We believe this helps minimize the ongoing overhang on UBER's stock from TSLA's aspirations in the robotaxi space.
"We believe AV developers will ultimately choose to partner with rideshare players instead of pursue standalone fleets. We also see UBER uniquely well-positioned in the rideshare space to help AV developers" support sustainable growth through optimizing logistics, providing fleet management expertise and helping navigate local regulations, among other benefits, the Jefferies analyst said.
"While investors may see little change to potential competition from Tesla long-term , we knew a CyberCab prototype was coming and the event lasted only 19 minutes with less concrete details & timelines than feared for Uber," he said in a note to clients.
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