The battle for the future: Uber enters the biggest battle of its life
2025 is advancing, and analysts at Bernstein investment house mark it as Uber's biggest turning point in the last decade.
This is not just another year of growth, but the year Uber will have to prove: it is not just a ride-hailing company, but a revolutionary transportation platform with control over the autonomous vehicle world.
The ground is shaking, but the potential? Dazzling. CEO Dara Khosrowshahi understood well: the autonomous driving (AV) sector is not an option – it is a necessity.
Therefore, already at the beginning of the year, he made sure to highlight Uber's relative advantages: a huge pool of loyal users, deep ties with regulators, proven logistical operational capability on a global scale.
This is what initially drove the collaboration with Alphabet's (Google) Waymo: Waymo's autonomous taxis are already operating in Austin, Texas, exclusively on Uber's platform.
And the next launch?
Atlanta, Georgia.
This move positions Uber as the super-mediator between AV technologies and the broader market – just as Airbnb does not own properties, and Amazon does not manufacture products.
But wait... not everything is rosy
On the one hand, the stock has already risen over 21% since the beginning of the year, but investors are still cautious:
There is concern that the multiples do not reflect sufficient risk from delays in technology implementation.
The narrative around the autonomous vehicle sector has not yet been decided – and this is a cloud hanging overhead.
In other words:
Uber has started to tell a new story...
but has not yet convinced the audience.
And it doesn't end there – the general economy also poses challenges
In an environment where inflation expectations are rising again (following a threat of tariffs from Trump), and American consumers are becoming more cautious – we may see a decrease in spending on luxuries like travel.
The latest Michigan survey shows: consumer sentiment has sharply declined, Americans are concerned about their personal financial future
And there is increasing talk of a recession on the horizon.
In simple terms – this is a real headwind for companies like Uber.
So what could reignite the stock?
Bernstein analysts set a clear target: if Uber can demonstrate average annual core revenue growth of about 30% over the next two years – an EV/EBITDA multiple of 14 becomes a very attractive entry point.
They put it this way: "Even if AV remains an open question, there is still room for upside. But if a strategic decision is made and the outlook for the next 5 years becomes clear – this could be a game-changing stock." The conclusion – a battle for perception and the future
Uber stands at a crossroads.
- On the one hand, it positions itself as the missing link between technology and the market – a partner to AV platforms, not a competitor.
On the other hand, it faces a cautious market, economic uncertainty, and a narrative that still requires resolution.
Will Uber become the main player in smart transportation in the new world, or will it remain a ride-hailing company with dreams too big?
We will know soon!