Uber, Lyft trade lower on report of August launch of Tesla’s CyberCab

Tesla is preparing to launch its Cybercab in Austin this August, according to reports. The initial rollout will focus on providing rides to employees. Following this news, shares of Uber and Lyft traded lower as investors reacted to the potential competition from the new service. The deployment marks a significant step for Tesla in the ride-hailing sector, utilizing its autonomous vehicle technology to establish a presence in the Austin market starting this month.