Is this U.S.-China selloff a buy? A top Wall Street voice weighs in
LOS ANGELES - DoorDash (NASDAQ:DASH), currently trading near its 52-week high with a robust 23.8% year-over-year revenue growth, and Serve Robotics (NASDAQ:SERV) announced Thursday a multi-year strategic partnership to deploy autonomous sidewalk delivery robots across the United States.
The collaboration has already launched in Los Angeles, where customers ordering from participating merchants through the DoorDash app may receive deliveries via Serve’s autonomous robots. The companies plan to expand the service to additional markets in the coming months.
Serve Robotics, which spun off from Uber in 2021, has completed over 100,000 deliveries from more than 2,500 restaurants in cities including Los Angeles, Miami, Dallas, Chicago, and Atlanta.
"At DoorDash, we’re building a multi-modal logistics platform where Dashers, autonomous robots, and drones each play a role in making deliveries faster, more efficient, and more sustainable," said Harrison Shih, Head of Product for DoorDash Labs. According to InvestingPro’s comprehensive analysis, which includes over 30 key metrics and financial health indicators, DoorDash maintains a "GREAT" overall financial health score.
The partnership integrates with DoorDash’s Autonomous Delivery Platform, which optimizes various delivery methods at scale. For Serve Robotics, the agreement increases potential delivery volume by tapping into DoorDash’s extensive merchant network.
"We’re thrilled to join forces with DoorDash to help bring the future of delivery to life," said Dr. Ali Kashani, co-founder and Chief Executive Officer of Serve Robotics.
The companies stated that the partnership aims to meet increasing delivery demand while reducing emissions and traffic congestion through the use of low-emissions sidewalk robots.
This announcement follows Serve’s previous disclosure of contracts to deploy up to 2,000 delivery robots across multiple U.S. markets. The information in this article is based on a press release statement from both companies.
In other recent news, DoorDash has completed its acquisition of Deliveroo following court approval, marking a significant expansion for the company. This transaction, effective from October 2, was endorsed by the boards of both companies and Deliveroo’s Independent Committee. Additionally, DoorDash has launched Dot, an autonomous delivery robot designed for local deliveries, which can navigate bike lanes, roads, and sidewalks at speeds of up to 20 mph. The company has also announced a partnership with Kroger, integrating nearly 2,700 stores into its platform starting October 1. Furthermore, DoorDash has introduced a new feature called "Going Out," which combines reservations, in-store rewards, and exclusive offers for customers. Meanwhile, Serve Robotics has partnered with DoorDash to deploy its sidewalk robots for food delivery orders, initially in Los Angeles, with plans to expand across the United States. These developments highlight DoorDash’s strategic moves to enhance its delivery capabilities and customer offerings.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.