Uber Technologies Inc (NASDAQ:UBER) shares slipped on Wednesday as Alphabet Inc's (NASDAQ:GOOG) autonomous driving unit Waymo showed that momentum in autonomous ride‑hailing continues to build.
- Uber Technologies shares are retreating from recent levels. Why is UBER stock falling?
What Happened: Waymo on Wednesday reported serving over 1 million fully driverless rides each month since the spring, with plans to hit that milestone weekly by the end of 2026. The company said it has logged 14 million trips in 2025 alone, already tripling last year's tally, and expects to surpass 20 million lifetime rides by year‑end.
The company’s all‑electric fleet avoided more than 18 million kilograms of CO2 emissions this year while delivering a ten‑fold reduction in serious crashes compared to human drivers.
“Whether it's commuting early in the morning, catching a flight, getting married, or even giving birth, Waymo has been there for our riders – showing that our massive growth this year was fueled not only by how rapidly we scaled our demonstrably safe AI, but by the people who made autonomous transportation part of their daily lives,” Waymo said.
Looking ahead, Waymo plans to expand into 20 more cities in 2026, including Tokyo and London, and broaden freeway service beyond California and Arizona.
Investor Ross Gerber spotlighted Waymo's rapid growth, noting the company is now running 450,000 rides per week with 2,500 cars. At roughly $10 per trip, that translates to $200 to $250 in daily revenue per vehicle and more than $200 million annually.
"Uber is cooked," Gerber wrote in a post on X.
Meanwhile, Uber's transition to electric vehicles is faltering. The company recently scrapped monthly EV bonuses, leaving drivers frustrated, and admits it will likely miss its pledge of 100% EV adoption in North America and Europe by 2030, according to Bloomberg.
UBER Analysis: Uber is currently showing bearish signals as it trades below key moving averages, indicating potential weakness in the short to medium term. The stock is trading 5.8% below its 20-day SMA, 9.6% below its 50-day SMA and 9.9% below its 100-day SMA, which suggests it's struggling to gain upward momentum.
The RSI is currently at 46.53, signaling a neutral position for the stock. This level indicates that there's no immediate overbought or oversold pressure, suggesting that traders should watch for a breakout or breakdown in the near term.
MACD is above its signal line, which points to a bullish momentum despite the stock’s current struggles. This could mean that if the stock finds support, there may be a chance for a quick rebound in price.
Key support is set at $81.50, while resistance is at $93.00. If the stock tests the support level and holds, it could indicate a potential reversal, while a breach of support could signal a continuation of the downward trend.
UBER Price Action: Uber shares were down 5.76% at $83.94 at the time of publication on Wednesday, according to Benzinga Pro.
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