Uber plans to invest up to $1.25 billion in Rivian as part of a deal to deploy up to 50,000 robotaxis through 2031
Published by RawNews1st
Uber plans to invest up to $1.25 billion in Rivian as part of a deal to deploy up to 50,000 robotaxis through 2031, the companies announced Thursday.
Uber is expected to invest an initial $300 million in Rivian after the deal’s signing, subject to regulatory approval.
Uber Technologies plans to invest up to $1.25 billion in electric vehicle maker Rivian Automotive as part of a deal to deploy up to 50,000 robotaxis in several countries through 2031, the companies announced Thursday.
The tie-up includes expectations for Uber, or its fleet partners, to purchase 10,000 autonomous versions of Rivian’s upcoming R2 electric vehicle, with the option to buy up to 40,000 more robotaxis beginning in 2030, according to a release from the companies.
The deal is the latest in a resurgence of announcements about autonomous vehicles and robotaxis, as companies attempt to capitalize on what investors have forecast as a multitrillion-dollar market. Many companies, including Uber, have previously failed to hit their targets when it comes to robotaxis.
An initial $300 million investment from Uber to Rivian, which is preparing to begin R2 sales to consumers this spring, is expected soon following the deal’s signing, subject to regulatory approval, according to the release. That investment equates to about 19.55 million shares of the automaker, a Rivian spokesman confirmed.
Shares of Rivian were up nearly 4% in morning trading Thursday, while Uber’s stock was down less than 1% following the announcement.
