Why Shares of Uber Are Surging Today

Shares of ride-hailing giant Uber (NYSE: UBER) traded roughly 7.6% higher as of 11:19 a.m. ET today. The company announced a partnership with Alphabet's Waymo in Atlanta that will allow people to order Waymo rides exclusively through Uber's app.

Autonomous driving is here

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The partnership comes in the same week that Tesla launched its robotaxi service in Austin, Texas, an event the market also met with enthusiasm. Atlanta is now the second market Uber and Waymo have partnered in. The two companies also forged a partnership in Austin, where there are now more than 100 Waymo vehicles exclusively available through Uber. Waymo trips in Austin have an average rating of 4.9 stars, according to Uber.

Image source: Getty Images.

Riders in Atlanta now have the chance of being paired with an autonomous, full self-driving vehicle at no additional cost, although riders will have the option to switch to a regular human-driven vehicle if they choose.

Riders in Waymo vehicles will also have 24/7 access to customer support through the Uber app and Waymo's in-car screens. The Atlanta launch will start with 65 square miles of Atlanta, from the downtown area to Buckhead to Capitol View, and Uber and Waymo plan to expand in the future.

Uber's autonomous strategy taking shape

Uber has no plans to build its own self-driving cars, but instead plans to partner with major players in the space -- and this strategy seems to be off to a good start. The company's platform, massive fleet, and operational experience makes it an ideal partner for autonomous companies, and presents a potentially large new revenue opportunity for Uber. I think the stock remains a buy.

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Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Bram Berkowitz has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, Tesla, and Uber Technologies. The Motley Fool has a disclosure policy.