Consumers Prefer Autonomy

Good morning folks, 

Uber users in Atlanta are actively canceling rides with human drivers until they’re matched with a Waymo autonomous vehicle. For some, landing a Waymo feels like winning the lottery - one user reported declining around 20 human drivers per successful robotaxi match. 

What’s Driving This Shift? 

Trust in Technology: Early adopters point to data suggesting self-driving vehicles are involved in fewer injury-causing accidents than cars with a person behind the wheel. 

Comfort and Convenience: The experience is different. Riders mention the freedom to relax, even nap, without worrying about human interaction or judgement.

Novelty and Enthusiasm: For some, being among the first to embrace autonomy feels futuristic - echoing early-adopter excitement from the dawn of smartphones. The challenge of finding a Waymo, given their limited availability, adds a dash of exclusivity and gamification. 

Transparency and Predictability: Autonomy riders can be more transparent - no awkward small talk, no concern over driver ratings or performance, and a clear understanding of the ride process. Riders also know that these cars will stick to specific routes further reducing uncertainty. 

Why Autonomy, Why Now?

While there’s still hesitation among the broader public - deadly crashes involving self-driving systems naturally make headlines - urban consumers are shifting. 

As both awareness and actual safety records trend positively, and as access expands through partnerships like Uber-Waymo, these options are becoming less niche. 

Just as we grew accustomed to trusting our phones for navigation, payment, and connection, so too are we learning to trust autonomy for daily mobility. 

Adoption is rarely instant, but as robotaxi fleets grow from dozens to potentially hundreds of vehicles, expect more riders to abandon the old model of ride-hailing in favor of autonomous adventurous. 

TL;DR

Consumers are switching to autonomous rides for a mix of safety, convenience, novelty, and predictability. While skepticism remains, particularly in less urbanized areas, the momentum in cities is undeniable - and it’s a glimpse at the autonomous future rapidly approaching. 

Let The Charts Speak

The Global X Autonomous & Electric Vehicle ETF closed at its highest weekly price since July 2023. 

Here’s the weekly chart.