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Los Angeles Times
7 hours ago
- Automotive
- Los Angeles Times
Waymo and Avis plan Dallas robotaxi launch
Alphabet Inc.'s Waymo plans to launch robotaxi service in Dallas next year in partnership with Avis Budget Group Inc., a push by the autonomous car company to diversify beyond its relationship with Uber Technologies Inc. to further expand across the US. In a first, Waymo said Avis will serve as the fleet partner for its robotaxis in Dallas. Customers can order rides on Waymo's app while Avis will provide car management services, including infrastructure, vehicle readiness, maintenance and general depot operations, the companies said Tuesday in a statement. The Dallas deal marks a multiyear partnership that Waymo and Avis plan to expand to more cities over time, according to the statement. Avis' foray into robotaxi fleet management sets it up as a competitor to Uber and Lyft Inc., which are positioning themselves to provide similar services for driverless cars in addition to their customer-centric rideshare program. 'Our partnership with Waymo marks a pivotal milestone in our evolution, from a rental car company to a leading provider of fleet management, infrastructure and operations to the broader mobility ecosystem,' Brian Choi, Avis chief executive officer, said in the statement. The announcement also underscores that Waymo and Uber are partners and rivals as robotaxi programs are introduced across the US. In the five cities where Waymo vehicles are currently available, it offers rides via its app in Phoenix, San Francisco and Los Angeles, while partnering with Uber in Phoenix, Austin and Atlanta. In the latter two markets, where Waymo rides are only available on the Uber app, Waymo is utilizing fleet services with Uber-backed partner Avomo. For its planned Miami launch next year, Waymo is providing the service through its app, but using operations from Uber-backed fleet management company Moove. Dallas will be a competitive robotaxi market with Uber and Lyft also planning to offer rides with their respective driverless technology partners. Uber is working with Austin-based Avride for a launch later this year, while Lyft plans to offer them with Intel Corp. spinoff Mobileye Global Inc. as soon as next year. Alphabet has been aggressively expanding Waymo's operations, which may also face increased competition from Tesla Inc. Earlier this month, Waymo more than doubled its service area in Austin, Tesla's home base. It also recently began testing in New York City and announced it will be doing the same in Philadelphia. Lung writes for Bloomberg.
Miami Herald
21 hours ago
- Automotive
- Miami Herald
Waymo, Avis plan Dallas robotaxi launch in multiyear deal
Alphabet Inc.'s Waymo plans to launch robotaxi service in Dallas next year in partnership with Avis Budget Group Inc., a push by the autonomous car company to diversify beyond its relationship with Uber Technologies Inc. to further expand across the U.S. In a first, Waymo said Avis will serve as the fleet partner for its robotaxis in Dallas. Customers can order rides on Waymo's app while Avis will provide car management services, including infrastructure, vehicle readiness, maintenance and general depot operations, the companies said Tuesday in a statement. The Dallas deal marks a multiyear partnership that Waymo and Avis plan to expand to more cities over time, according to the statement. Avis' foray into robotaxi fleet management sets it up as a competitor to Uber and Lyft Inc., which are positioning themselves to provide similar services for driverless cars in addition to their customer-centric rideshare program. "Our partnership with Waymo marks a pivotal milestone in our evolution, from a rental car company to a leading provider of fleet management, infrastructure and operations to the broader mobility ecosystem," Brian Choi, Avis chief executive officer, said in the statement. The announcement also underscores that Waymo and Uber are partners and rivals as robotaxi programs are introduced across the U.S. In the five cities where Waymo vehicles are currently available, it offers rides via its app in Phoenix, San Francisco and Los Angeles, while partnering with Uber in Phoenix, Austin and Atlanta. In the latter two markets, where Waymo rides are only available on the Uber app, Waymo is utilizing fleet services with Uber-backed partner Avomo. For its planned Miami launch next year, Waymo is providing the service through its app, but using operations from Uber-backed fleet management company Moove. Dallas will be a competitive robotaxi market with Uber and Lyft also planning to offer rides with their respective driverless technology partners. Uber is working with Austin-based Avride for a launch later this year, while Lyft plans to offer them with Intel Corp. spinoff Mobileye Global Inc. as soon as next year. Alphabet has been aggressively expanding Waymo's operations, which may also face increased competition from Tesla Inc. Earlier this month, Waymo more than doubled its service area in Austin, Tesla's home base. It also recently began testing in New York City and announced it will be doing the same in Philadelphia. (With assistance from Julia Love.) Copyright (C) 2025, Tribune Content Agency, LLC. Portions copyrighted by the respective providers.
Yahoo
08-07-2025
- Business
- Yahoo
BofA lifts Uber target on tax relief and other tailwinds
-- Bank of America raised its price target for Uber (NYSE:UBER) to $115 from $97 per share in a note Tuesday, citing multiple catalysts including driver tax savings, accelerating bookings, and growing autonomous vehicle (AV) momentum. 'Uber remains a top pick for 2025,' BofA analysts wrote, reiterating a Buy rating and noting their revised valuation is based on '24x 2026 FCF (vs. 20x prior) given FANG multiple expansion.' A key boost is said to come from the Big Beautiful Bill's No Tax on Tips provision, which includes 1099 gig workers. 'Federal income tax savings will be available even for those who don't itemize, with a max deduction of $25k,' BofA said. The firm estimates Uber drivers in the U.S. will earn about $42 billion this year, with $5.7 billion coming from tips. That translates to '~$1.0bn in tax savings for drivers, assuming an 18% avg. tax rate, for a 2.5% pay bump.' The bank also highlights Uber-backed Moove's move to raise $1.2 billion to finance autonomous vehicles in partnership with Waymo. 'Moove is one of Uber's most critical fleet management partners,' analysts noted. While details remain unclear, BofA said the development is 'consistent with our view that there will be multiple AV suppliers long-term.' In addition, the bank stated that 'data from Bloomberg Second Measure shows modestly accelerating bookings growth for Uber, up ~140pts vs. 1Q,' with both the Mobility and Delivery segments reportedly showing improvements. 'Optimism on Uber's AV position can grow,' the analysts wrote, citing over 20 global AV partnerships and signs of Level 4 technology scaling. They concluded: 'Strong bookings growth & Uber One traction suggest subscriber lock in.' Related articles BofA lifts Uber target on tax relief and other tailwinds SoFi mirrors Robinhood with push into private markets; stock gains Why Tesla's robotaxi stumble is a win for Lyft Sign in to access your portfolio
Time of India
16-05-2025
- Automotive
- Time of India
BluSmart collapse sparks EV sell-off: Lenders race to recover dues by offloading 1500-2000 vehicles
Indian ride-hailing company BluSmart suspended its operations last month, prompting lenders and leasing firms to begin recovering dues by selling or leasing the electric vehicles they had financed. These lenders include banking, non-banking financial corporations, investment platforms, climate focused financers and other individuals of high net worth who now plan to offload 1500 to 2000 electric vehicles. Several lenders have already taken possession of the vehicles, while others are still in the process of reclaiming assets. The company had shut operations indefinitely after it failed to secure fresh funding, amid serious allegations of financial misconduct involving its founders, as per sources familiar with the matter, quoted by ET. Alternative riding services emerge as takers Delhi-based all-electric taxi service Evera and Uber-backed Everest Fleet have emerged as key contenders to acquire or lease chunks of these EVs. Evera has already added 300 of the repossessed cars to its fleet and is currently in talks to lease an additional 800–1,000 vehicles. Everest Fleet has also initiated discussions but has yet to finalise a deal. 'There is a section of lessors who are in the business of leasing these cars, and they will find takers…but financial institutions like banks that want to recover their money want to sell these vehicles,' a source familiar with the matter told ET, adding 'several small fleet operators are also being approached.' Commenting on the ongoing recovery and redeployment efforts, Nimish Trivedi, co-founder and CEO of Evera, said, 'we are busy getting these assets back on the road, and multiple lenders are having discussions with us,' adding that they have finalised many agreements and are currently looking at strengthening airport operations with this fleet. Siddharth Ladsariya, founder and CEO of Everest Fleet said, 'as we look ahead, we will continue to take a measured approach aligned with operational viability and sector wide progress.' Before Sebi's clampdown, Gensol Engineering had also signed a deal to sell 2,997 EVs to Chennai-based Refex Industries. However, the deal fell through on March 28, due to the conditions requiring the EVs to remain listed on BluSmart and disagreements over lease rentals. Officially, the companies attributed the cancellation to 'evolving commitments'. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
India Today
15-05-2025
- Automotive
- India Today
BluSmart collapse: Banks, lessors rush to offload 2,000 EVs, says report
Following the suspension of ride-hailing startup BluSmart's operations last month, banks, leasing firms, and climate financiers are scrambling to sell or reassign 1,500–2,000 electric vehicles that were once part of its fleet, The Economic Times has BluSmart unable to raise funds and its founders facing regulatory heat, several financiers have begun repossessing the EVs they leased or financed and are now either seeking buyers or looking to lease them to new operators. Wealthy individuals and non-banking finance companies (NBFCs) are also part of the group trying to recover their investments, according to people familiar with the all-electric taxi service Evera has already inducted 300 EVs into its fleet and is in talks to lease another 800 to 1,000 vehicles, as per the ET report. Uber-backed Everest Fleet is also evaluating the purchase of a chunk of the cars but hasn't finalised a deal yet. 'There's a section of lessors who are in the business of leasing and will find takers,' a person briefed on the matter said. 'But financial institutions want to sell outright to recover money. Several small fleet operators are also being approached.'Multiple leasing firms, including Japan's Orix Leasing, Delhi-based Clime Finance, SMAS Auto Leasing, and Shefasteq OPC Pvt Ltd, have moved the Delhi High Court to prevent BluSmart or its associate firm Gensol Engineering from creating third-party rights over these halting operations in April, BluSmart had a fleet of around 8,000 electric cars, of which roughly 5,000 were owned or leased by Gensol Engineering—and then sub-leased to BluSmart. A few hundred EVs were directly owned by the company controversial dealings and the Sebi order against cofounders Anmol Singh Jaggi and Puneet Singh Jaggi for alleged fund diversion and document forgery have further derailed potential recovery. Both stepped down from Gensol Engineering's board following the Sebi Power Finance Corp and the Indian Renewable Energy Development Agency were mulling an auction of the EVs they helped finance. But time is running out—industry players warn that unused EVs can depreciate rapidly.'If the batteries are not charged and the cars not run, performance degrades fast. These could soon turn into liabilities,' an industry insider was quoted as saying in the ET buyers, meanwhile, are waiting for prices to crash, with some reportedly quoting as low as 10% of the original asset Reel
