Uber to invest up to $1.25B in Rivian to help launch robotaxis
ABC News
Uber says it will invest up to $1.25 billion in Rivian Automotive to help launch up to 50,000 robotaxis
NEW YORK -- 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.
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 25 cities in the U.S., Canada and Europe by 2031.
“We’re big believers in Rivian’s approach—designing the vehicle, compute platform, and software stack together, while maintaining end-to-end control of scaled manufacturing and supply in the U.S.," Uber CEO Dara Khosrowshahi said in a statement. "That vertical integration, combined with data from their growing consumer vehicle base and experience managing the complexities of commercial fleets, gives us conviction to set these ambitious but achievable targets.”
Uber's investment in Rivian will be spread out up to 2031 and is subject to hitting certain autonomous milestones by specific dates. An initial $300 million investment has been committed to following the deal's signing, subject to regulatory approval.
Colombia says it is seeking a license from the U.S. Treasury Department to invest in several electricity and natural gas ventures in Venezuela
The Iran war has scrambled the Federal Reserve’s outlook on inflation and unemployment and will likely further delay interest rate cuts this year, putting off any relief for consumers struggling with high borrowing costs for home and car purchases
Argentina’s wine industry, once a thriving business, is facing its worst crisis in more than 15 years, with record low domestic consumption and a drop in exports
United Arab Emirates lifts brief airspace closure over Iranian attacks
The transfer of federal forest land in Arizona to a pair of international companies that plan to mine one of the largest copper deposits in North America is complete
Self-storage company Public Storage is buying National Storage Affiliates in an all-stock deal worth about $10.5 billion
The outgoing head of the Ms. Foundation says the fight for political equality in the U.S. is far from over
The European Union is weighing options to help keep the Strait of Hormuz open for global shipping
Renewable energy projects in Africa that depend on Middle Eastern sovereign wealth funds and state-backed companies will likely press ahead despite the Iran conflict, analysts say, thanks to the continent's surging appetite for power and fuel
Duke, Arizona, Michigan and Florida lead title odds for March Madness, bettors expect chalky results
Sportsbooks see top seeds Duke, Arizona, Michigan, and Florida as the clear favorites to win the NCAA men’s basketball championship
The CEOs of the nation’s top airline companies are imploring Congress to restore funding to the Department of Homeland Security and embrace a bipartisan solution to pay federal aviation workers, including airport security officers, during a partial gov...
Pixar’s “Hoppers” held onto its spot atop the box office, bringing in $28.5 million in its second weekend
U.S. Energy Secretary Chris Wright has directed a Texas-based oil and gas company to restore operations in waters off southern California that were damaged by a 2015 oil spill, invoking the Defense Production Act