All articles tagged with #rivian automotive inc
Uber is pushing to stay competitive in the robotaxi race as Waymo scales up, expanding Nvidia partnerships, investing in Rivian and buying Rivian SUVs for its fleet, aiming to accelerate its own driverless operations while mass adoption remains slow; the outcome could hinge on regulatory, cost and trust hurdles, with competition potentially consolidating around large tech groups.
Uber will invest up to $1.25 billion in Rivian and order up to 50,000 autonomous Rivian vehicles, starting with 10,000 robotaxi versions of the R2. An initial $300 million is committed now, rising to $1.25 billion by 2031 if milestones are met. The vehicles will begin unsupervised service in San Francisco and Miami by 2028, expanding to 25 cities in the US, Canada and Europe by 2031. Uber, shifting away from in-house self-driving tech, positions itself as a fleet intermediary to manage robotaxi platforms amid intense competition from Zoox, Waymo, Baidu, and Tesla.
Lucid Group Inc., an electric vehicle startup, is facing investor skepticism as it burns through $338,000 for every vehicle it produces this year and struggles to ramp up sales. The stock has dropped nearly 25% this year, while rival Rivian Automotive Inc. has only declined 1%. Lucid's average 2023 sales estimate has plummeted by almost 50% in the past six months, while Rivian's has risen by about 5%. Lucid's deepening losses, slower sales growth, and potential default risk have raised concerns among investors, while Rivian's larger addressable market and stronger sales performance have positioned it in a better place.