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Investing.com -- Avis Budget Group Inc (NASDAQ:CAR) stock rose 3.9% premarket following the announcement of a multi-year strategic partnership with Waymo to launch a fully autonomous ride-hailing service in Dallas.
Under the agreement, Avis will serve as Waymo’s fleet operations partner in Dallas, providing infrastructure, vehicle readiness, maintenance, and depot operations. Waymo, a leader in self-driving technology, will offer its ride-hailing service directly to the public through its app while maintaining responsibility for the Waymo Driver technology.
Initial testing is already underway in Dallas, with the public launch scheduled for 2026. The partnership represents Avis’s strategic move to expand beyond traditional travel services and leverage its fleet management expertise in the autonomous vehicle sector.
"Our partnership with Waymo marks a pivotal milestone in our evolution, from a rental car company to a leading provider of fleet management, infrastructure and operations to the broader mobility ecosystem," said Brian Choi, Chief Executive Officer of Avis Budget Group.
Tekedra Mawakana, co-CEO of Waymo, added, "We look forward to bringing our fully autonomous ride-hailing service to the people of Dallas next year, offering a new era of safe and seamless transportation."
The companies indicated plans to eventually expand their autonomous mobility services to additional cities. This partnership comes as Avis, a 75-year veteran of the rental car industry, seeks to position itself within the growing autonomous vehicle market.
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