Skip to playerSkip to main content
Benzinga
  • 4 hours ago
Rivian and Uber struck a deal worth up to $1.25B through 2031, with Uber committing $300M upfront and ordering 10,000 robotaxis with options for 40,000 more. The agreement is tied to Rivian hitting four autonomy milestones, with Level 4 capability expected by 2028. Analyst Gary Black sees Rivian as an acquisition target for Google, Amazon, or a Big 3 automaker.
Transcript
00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Rivian Automotive announced a deal with Uber Technologies under which Uber will invest up
00:06to $1.25 billion through 2031 if Rivian meets four autonomous performance milestones.
00:13Rivian will supply up to 50,000 robot access under the agreement.
00:17Uber committed $300 million up front and placed an initial order for 10,000 robot access,
00:23with an option to purchase up to 40,000 more.
00:25An analyst said the deal supports Rivian's in-house autonomy strategy and expects level
00:31four capability by 2028.
00:33Another investor called the deal a test and noted Uber has similar agreements with other
00:38companies.
00:39Gary Black said he believes Google, Amazon, or one of the big three will ultimately acquire
00:44Rivian to expand in the EV industry and gain full autonomy.
00:47For all things money, visit Benzinga.com.
Comments