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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Source: CNBC - 🏆 12. / 72 Read more »

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Source: CNBC - 🏆 12. / 72 Read more »