Uber's 'future is bright' despite dismal market debut, says former GM exec Bob Lutz

's future is still "bright" despite the ride-hailing company's dismal debuted last week on the New York Stock Exchange, former GM Vice Chairman Bob Lutz told CNBC on Monday.debut session Friday

, when it closed below $42 per share and finished the day with a market cap of $69.7 billion. It was one of the worst first-day performances ever for a high profile initial public offering and followed a poor performance from rival Lyft shortly after it began trading on the public market in late March.

Lutz, who said he has an investment in Uber, isn't worried about the stock and characterized the Friday share performance as "just a blip." Instead, investors should pay attention to investments from Uber that will create huge profits in the future like self-driving technology, Lutz said. "It's basically operating like an autonomous robotaxi fleet, except there is still drivers," Lutz said in a "" interview. "People who use Uber are extremely pleased with it. I think the future is bright."

"They will be among the very first large robotaxi fleet owners," added Lutz, who has also held executive positions at

Especially when you roll out Uber Freight you add that to UberEats and regular Uber driving and watch this stock value explode I wouldn't wait long before buying

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Uber opens at $42 in market debut, after pricing at $45 per shareWatch Uber begin trading for the first time ever. The stock opened at $42 in its market debut, after pricing at $45 a share. $UBER Calm down. They are not übermensch l 👀 $Uber buys cars from Tesla to operate a driverless network- the year is 2023 bitcoin used as payment. Satisfied customers get audiobooks read to them on the ride with PrimeVideo
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Uber CEO Dara Khosrowshahi on the future of the company before its massive IPOUber CEO Dara Khosrowshahi shared an Uber with CNBC's Andrew Ross Sorkin ahead of the company's IPO on the New York Stock Exchange. Khosrowshahi discussed the company's success, new scooter and bike services, Uber Eats and more. andrewrsorkin dkhos Ubers new indication of opening price is now $44.50 to $45? trump better tweet something NOW? JMO andrewrsorkin dkhos Boy,CNBC was really cheerleading this DOG that is bleeding money. Wall Street greed is on display and it has backfired spectacularly. Now they're talking Uber Eats will make it profitable...PLEASE .. What a train wreck. andrewrsorkin dkhos No follow up questions to that bullshit about cars going vertical? Wow this was so pathetic even for Uber.
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