Overview
- Uber agreed to invest an initial $300 million in Rivian and to purchase 10,000 R2 robotaxis, with options for up to 40,000 more starting in 2030, taking the total commitment to as much as $1.25 billion.
- The planned service targets commercial launches in San Francisco and Miami in 2028 with potential expansion to as many as 25 cities across North America and Europe by 2031, and the fleet will be exclusive to Uber’s network.
- Rivian will power the vehicles with its in-house Autonomy Platform that integrates self-driving software with custom hardware, a departure from Uber’s other AV partnerships that rely on third-party autonomy stacks.
- Rivian disclosed that adjusted EBITDA will not turn positive in 2027 due to increased autonomy R&D, outlining deeper near-term losses in an SEC filing tied to the robotaxi roadmap.
- Uber shares fell about 1.9% on Friday and roughly 5% over three sessions as investors weighed execution risk and long timelines, with analysts acknowledging strategic logic but cautioning about margin pressure before revenue arrives.