Uber, Rivian ink $1.25B deal to put thousands of robotaxis on US streets

Core Insights - Rivian and Uber have announced a partnership valued at up to $1.25 billion to advance their autonomous vehicle initiatives and deploy up to 50,000 fully autonomous robotaxis in the coming years [1][5] - Uber will invest an initial $300 million in Rivian, contingent on meeting specific autonomous performance milestones by set dates [1] - The partnership aims to begin deploying robotaxis in San Francisco and Miami by 2028, with plans to expand to over 25 cities by 2031 [5] Investment and Deployment Plans - Uber plans to acquire 10,000 fully autonomous Rivian R2 robotaxis, with an option to purchase an additional 40,000 by 2030 [2] - The deployment of Rivian's autonomous fleet will be exclusive to the Uber platform [2] Strategic Statements - Rivian's CEO RJ Scaringe expressed excitement about the partnership, emphasizing the potential for creating a safe and convenient autonomous platform [8] - Uber's CEO Dara Khosrowshahi highlighted the importance of Rivian's vertical integration in vehicle design and manufacturing, which supports their ambitious targets [11] Market Reaction - Following the announcement, Rivian's shares increased by 3.8%, while Uber's stock experienced a decline of 1.72% during the trading session [13]