Uber (UBER), Lyft (LYFT) Trade Lower Ahead of Tesla CyberCab Launch

Shares of Uber (UBER) and Lyft (LYFT) declined following a report indicating that Tesla plans to launch its CyberCab in August. This news may impact the ride-hailing market, as Tesla's entry could intensify competition. The upcoming launch is expected to challenge existing players and potentially alter market dynamics. Investors should be cautious as this may affect the profitability of Uber and Lyft in the coming months.