Mentioned:
Uber continues to go all in on the future of self driving vehicles. Which is exactly why they’re taking a new equity stake in Rivian.
What’s happening:
- Uber (NYSE: UBER) will invest up to $1.25B USD into Rivian (NASDAQ: RIVN) as part of a new collaboration on autonomous vehicles
By the numbers:
- Uber has initially committed $300M USD up front as an equity investment in Rivian as part of their new partnership
Why it matters:
- Rivian will sell Uber and its fleet partners 10,000 of their flagship R2 robotaxis which are fully autonomous vehicles and will be used exclusively on Uber’s platform
Going deeper:
- Uber has publicly stated they will purchase up to 50,000 Rivian robotaxis upon the successful completion of specific milestones
- Rivian and Uber are initially planning to deploy Rivian’s R2 robotaxis in San Francisco and Miami before eventually launching in more American cities as well as in Canada and Europe
The fine print:
- It is not expected that any of Rivian’s R2 robotaxis will be deployed on Uber’s platform for at least 24 months
