Uber to Invest Up to $1.25 Billion in Rivian for 50,000 Robotaxis Uber Technologies has announced a partnership with electric vehicle manufacturer Rivian Automotive, committing up to $1.25 billion to deploy up to 50,000 autonomous taxis, or robotaxis, across multiple countries by 2031. The agreement includes plans for Uber or its fleet partners to purchase 10,000 autonomous versions of Rivian’s R2 electric vehicle, with an option to acquire an additional 40,000 units starting in 2030. The deal marks a significant step in Uber’s expansion into autonomous transportation, leveraging Rivian’s technology to advance its goals in the sector. Rivian’s shares rose sharply in premarket trading on Thursday, gaining around 10% before moderating to a 3% increase by the end of the day. In contrast, Uber’s stock declined by 1% following the announcement. The investment comes amid a wave of renewed interest in autonomous vehicles, as companies seek to capitalize on what analysts predict could be a multitrillion-dollar market. However, many firms, including Uber, have faced challenges in meeting earlier targets for robotaxis, prompting a renewed focus on partnerships and technological advancements. The initial investment from Uber to Rivian is expected to be $300 million, which translates to approximately 19.55 million shares of Rivian, according to a company spokesperson. Additional funding tranches will be released contingent on meeting specific milestones by unspecified dates through 2031. Uber is also set to pay licensing fees for using Rivian’s autonomous driving software. The collaboration aims to integrate Rivian’s R2 robotaxis exclusively into Uber’s ride-hailing and delivery platforms, initially launching in 25 cities across the U.S., Canada, and Europe.#rivian_automotive #uber_technologies #r2_electric_vehicle #dara_khosrowshahi #rj_scaringe
