Shares of Rivian Automotive Inc (RIVN) gained more than 10% in pre-market trading on Thursday after the electric-vehicle maker announced that Uber is set to invest up to $1.25 billion in the company through 2031.
As part of the deal, Uber and its fleet partners will look to purchase 10,000 fully autonomous R2 robotaxis, with the option to expand orders by up to 40,000 additional vehicles starting in 2030. These robotaxis will be available exclusively on Uber’s platform.
Initial launches are planned for San Francisco and Miami in 2028, with expansion to 25 cities across the U.S., Canada, and Europe by 2031.
Uber’s investment is subject to Rivian achieving certain autonomous milestones by specific dates. The ride-hailing services company committed an initial $300 million investment.
UBER shares were little changed at the time of writing.
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