Uber Technologies is launching Europe's first commercial robotaxi service in Zagreb through a partnership with Pony.ai and Verne. The service marks a shift from pilot programmes to paid operations, positioning Uber as a platform for autonomous fleets alongside its traditional ride-hailing business. The Zagreb rollout tests how autonomous operations integrate with Uber's existing app and fee structure. Success could influence the company's expansion into other European cities and impact its cost structure and margins over time. Trading at $72.38, Uber's shares sit approximately 30% below the $103.58 analyst consensus target. However, regulatory approvals, safety incidents or technical setbacks could slow expansion plans. Investors will be watching uptake metrics and unit economics as indicators of the model's scalability beyond a single city.

Uber stock trades at $73.23, down 11.6% year-to-date, despite delivering $52.01 billion in full-year 2025 revenue (up 18.3% year-on-year) and record Q4 free cash flow of $2.80 billion (up 65% year-on-year). The company has 47 analyst buy ratings. The bull case centres on autonomous vehicle monetisation through a $1.25 billion Rivian partnership for 50,000 robotaxis reaching 15 cities by year-end 2026. Delivery segment adjusted EBITDA grew 40% year-on-year, whilst management raised its advertising penetration ceiling above 2%. Bears cite competitive disruption and balance sheet concerns, as long-term debt rose from $8.34 billion to $10.52 billion year-on-year. However, the company generated $9.76 billion in free cash flow in 2025, providing ample coverage for its $20 billion share repurchase programme.

Ethos Capital Management has acquired a new stake in Uber Technologies, purchasing 14,410 shares valued at approximately $1.18 million during the fourth quarter, according to a recent 13F filing. The investment comes as Uber expands its Amazon Web Services partnership, moving more ride-matching and delivery services onto Amazon's Graviton CPUs and trialling Trainium3 AI chips. The technology upgrade aims to reduce compute costs and improve latency for real-time operations. The enhanced AWS partnership, announced in April 2026, signals Uber's focus on strengthening its technology infrastructure using energy-efficient cloud computing. The move could improve margins and product differentiation, though the company faces increasing competition from autonomous vehicle operators like WeRide, which is expanding robotaxi services globally.