Uber says it will invest up to $1.25 billion in Rivian Automotive to help launch up to 50,000 robotaxis. Uber, or its fleet partners, are expected to buy 10,000 fully autonomous Rivian R2 robotaxis, with the option to purchase up to 40,000 more in 2030, reports the AP. The companies said Thursday that initial deployments of the vehicles are expected to begin in San Francisco and Miami in 2028 and will expand to a total of two dozen or so cities in the US, Canada, and Europe by 2031, per CNBC.
"We're big believers in Rivian's approach, [which] ... gives us conviction to set these ambitious but achievable targets," says Uber CEO Dara Khosrowshahi. Uber's investment in Rivian is subject to hitting certain autonomous milestones by specific dates. An initial $300 million investment has been committed to follow the deal's signing, subject to regulatory approval. In premarket trading, shares of Rivian rose 10%, per the AP; Uber shares edged up less than 1%.