Uber, Lyft jump as Tesla's 'toothless' robotaxi event eases competition fears
Updates
** Shares of ride-hailing firms Uber UBER.N and Lyft LYFT.O gain ~7% and ~8% to $83.11 and $13.38, respectively
** Tesla boss Elon Musk unveiled co's long-awaited robotaxi Thursday night at an event, which lacked concrete details that some investors and experts hoped for; TSLA down 8.6%
** The event would reduce pressure on UBER's stock from TSLA's robotaxi aspirations, says brokerage Jefferies, as TSLA "did not provide verifiable evidence" of progress toward level 3 autonomous driving or quantify the number of robotaxis planned
** "Tesla's toothless taxi is a best-case outcome for UBER," says brokerage Jefferies
** "Risk to UBER's dominant position from potential TSLA robotaxi competition has been a key concern for the market. With the event over ... the market can refocus on UBER's strong fundamental trajectory" - Jefferies
** "There is far too much time between now and a credible, commercially viable autonomous (robotaxi) product that can replace Uber's network with driverless taxis," says Adam Ballantyne, senior analyst at Cambiar Investors, which owns Uber shares
** Through last close, UBER has gained ~27%, while LYFT down ~17% YTD; TSLA has slipped ~4%
Reporting by Deborah Sophia in Bengaluru
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