Investors have bid Uber’s valuation to reflect intensifying competitive pressures in core ride-hailing and delivery markets, even as the company’s autonomous vehicle (AV) initiatives have shown tangible progress. In its latest quarterly report, Uber reported 19% year-over-year revenue growth in Mobility and Delivery segments, with consolidated adjusted EBITDA reaching $820 million. Yet the stock now trades at roughly 25 times forward adjusted EBITDA, implying that market participants are assigning minimal value to Uber’s AV pipeline, which has logged over 10,000 supervised on-road autonomous miles to date across partnerships with Nuro, Lucid and third-party operators.

In December, Uber began on-road testing of its first production-intent robotaxi, built on Lucid’s Gravity electric SUV with Nuro’s self-driving stack and Nvidia DRIVE AGX Thor compute. The vehicles can carry up to six passengers plus luggage and feature roof-mounted LED identifiers, interactive in-cabin screens for climate and media control, and real-time visualization of the AV’s planned path. Following closed-course validation, full commercial service is slated to commence later this year in the Bay Area, as Uber aims to deploy 20,000 of these robotaxis globally over the next six years.

Uber and TomTom have extended their global mapping and location data partnership to enhance routing accuracy, fare calculations and pick-up/drop-off precision. Leveraging TomTom’s APIs, which process over 100 billion map updates yearly from thousands of sources, Uber expects to reduce average trip times by up to 5% in complex environments such as airports and stadiums. Real-world telemetry from Uber’s fleet feeds directly into TomTom’s map-update pipeline, creating a feedback loop that continuously refines routing algorithms and operational efficiency.

Research firm Melius recently downgraded Uber from Hold to Sell, citing growing competitive threats from standalone autonomous vehicle players. While acknowledging Uber’s leadership in aggregated demand for ride-hailing and delivery, Melius warned that the ramp-up of Waymo, Tesla and other AV deployments could erode Uber’s margins in both segments. The downgrade underscores that Uber’s current valuation assumes steady growth with limited downside from shifting industry dynamics, a view that may be challenged as AV penetration accelerates in 2026 and beyond.