US EditionUber to invest up to $1.25 billion in EV maker Rivian in deal to launch 50,000 robotaxis
Uber will invest $1.25 billion in Rivian to deploy up to 50,000 autonomous electric robotaxis by 2031, starting with 10,000 R2 vehicles in 25 cities including San Francisco and Miami.
- On Thursday, Uber Technologies said it will invest up to $1.25 billion in Rivian Automotive to deploy up to 50,000 robotaxis, committing an initial $300 million at signing subject to regulatory approval.
- Given Uber's strategy to partner widely, it abandoned its own autonomy program in 2020 while Rivian has accelerated autonomy work with RAP1 chips and the R2 mid-size SUV, preparing R2 consumer sales this year.
- The first phase calls for Uber and partners to buy 10,000 Rivian R2 robotaxis initially, with an option for 40,000 more from 2030, deploying first in San Francisco and Miami in 2028 and funding $100 million for charging hubs.
- Rivian shares jumped in premarket trading on Thursday, and the deal gives Rivian a funding lift following its $5.8 billion software agreement with Volkswagen, analysts said.
- Remaining tranches hinge on milestones through 2031, with Uber's investment contingent on autonomous progress amid regulatory risks including the National Highway Traffic Safety Administration probe into a Waymo incident.
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90 Articles
Uber Revs Up Rivian Robotaxis with $1.25 Billion Agreement
Apparently, the “quiet preferred” option isn’t enough for less chatty Uber riders. Uber said Thursday it’ll spend at least $300 million adding Rivian’s robotaxis to its fleet, with the potential to invest up to $1.25 billion. Uber plans to add 10,000 Rivian R2 robotaxis to its fleet, revving up to as many as 50,000 by 2031. The Rivian-Uber team-up will hit the road in 2028, starting in San Francisco and Miami, with plans to expand to 25 cities …
Why Rivian Stock Rallied Today
Key PointsUber is helping to fund the development of Rivian's autonomous technology.Competition is fierce, but Rivian CEO RJ Scaringe likes his chances.10 stocks we like better than Rivian Automotive › Shares of Rivian Automotive (NASDAQ: RIVN) rose on Thursday after the electric vehicle (EV) maker struck a lucrative deal with ride-hailing leader Uber Technologies (NYSE: UBER). Image source: The Motley Fool.Will AI create the world's first trill…
Fox Business
The New York LedgerUber, Rivian ink $1.25B deal to put thousands of robotaxis on US streets
Rivian and Uber on Thursday announced a partnership worth up to $1.25 billion to accelerate the two companies' plans for autonomous vehicles and deploy up to 50,000 fully autonomous robotaxis in the years ahead.Under the agreement, Uber will invest up to $1.25 billion in Rivian through 2031, subject to achieving autonomous performance milestones by specific dates. The two companies have agreed to an initial $300 million investment following the …
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