Uber Technologies, Inc. announced it will invest up to $1.25 billion in electric vehicle manufacturer Rivian to help accelerate both companies’ autonomous vehicle plans. They expect to deploy 10,000 fully autonomous R2 robotaxis in the first phase of R2 robotaxi deployment.
Initial deployments are expected to begin in San Francisco and Miami in 2028 and will expand to 25 cities by 2031.
Uber will invest up to $1.25 billion in Rivian through 2031, with an initial $300 million committed following signing, subject to regulatory approval.
RJ Scaringe, Founder and CEO of Rivian told investors: “We couldn’t be more excited about this partnership with Uber — it will help accelerate our path to level 4 autonomy to create one of the safest and most convenient autonomous platforms in the world. The scale of Rivian’s growing data flywheel coupled with RAP1, our state of the art in-house inference platform, and our multi-modal perception platform make us incredibly excited for the rapid advancement of Rivian autonomy over the next couple of years.”
Dara Khosrowshahi, CEO of Uber said, “We’re big believers in Rivian’s approach—designing the vehicle, compute platform, and software stack together, while maintaining end-to-end control of scaled manufacturing and supply in the U.S. That vertical integration, combined with data from their growing consumer vehicle base and experience managing the complexities of commercial fleets, gives us conviction to set these ambitious but achievable targets.”
Uber shares dropped 1% after the announcement, while Rivian shares increased nearly 9%.
By CEO NA Editorial Staff
