Rivian CEO RJ Scaringe said the company is “very confident” it will achieve a key autonomy milestone by year-end. Reaching the target would unlock a $250 million investment from Uber.
The investment is part of a deal that could see Uber invest up to $1.25 billion in Rivian through 2031, contingent on Rivian meeting specific self-driving technology targets. Uber has already invested $300 million.
The companies plan to launch driverless Rivian R2 robotaxis on Uber’s network, with service targeted to begin in 2028.
Rivian reported strong demand for its new R2 compact SUV. In its first full quarter, the R2 became the company’s best-selling model. Rivian delivered a record 19,248 vehicles in the quarter and raised its full-year delivery guidance.