After Uber (UBER) and Cruise, which is majority owned by General Motors (GM), announced a multiyear partnership to deploy autonomous Chevrolet Bolts on the Uber platform starting in 2025, BofA analyst Justin Post noted that Uber already has an AV partnership with Google-backed (GOOGL) Waymo and said the addition of Cruise “reinforces the concept” that fleet operators, or eventually individual AV owners, will want to leverage Uber’s demand aggregation to increase asset utilization. The firm, which notes it has highlighted that AV competition is “good for potential long-term Uber partnership economics,” and argues that Tesla (TSLA) and Amazon’s (AMZN) AV investment “could be a long-term net positive,” has a Buy rating and $88 price target on Uber shares.
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