Uber will invest $1.25 billion in Rivian in a new robotaxi deal
EV maker Rivian surged more than 9% in premarket trading on Thursday following an announcement that Uber will invest up to $1.25 billion in the company through 2031 as part of a robotaxi partnership.
The deal will begin with an initial $300 million investment, and Uber will purchase 10,000 autonomous versions of the R2. Uber will have the option to buy 40,000 more in 2030.
The R2 is Rivian’s smaller, less expensive model and is set to roll out to buyers in the second quarter of this year.
Per a company filing on Thursday, Rivian “no longer expects to be adjusted EBITDA positive in 2027 due to an expected increase in R&D spend associated with the acceleration of its autonomy roadmap.”
Uber, which has more than 20 autuonomous vehicle partnerships ranging from Alphabet’s Waymo to Baidu, has become a dominant robotaxi force.
Rivian had first hinted at robotaxi plans at its Autonomy and AI Day in December.
The R2 is Rivian’s smaller, less expensive model and is set to roll out to buyers in the second quarter of this year.
Per a company filing on Thursday, Rivian “no longer expects to be adjusted EBITDA positive in 2027 due to an expected increase in R&D spend associated with the acceleration of its autonomy roadmap.”
Uber, which has more than 20 autuonomous vehicle partnerships ranging from Alphabet’s Waymo to Baidu, has become a dominant robotaxi force.
Rivian had first hinted at robotaxi plans at its Autonomy and AI Day in December.
