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Rivian Automotive Inc

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Uber bets on Rivian robotaxis in a $1.25 billion push to autonomous fleets
technology4 hours ago

Uber bets on Rivian robotaxis in a $1.25 billion push to autonomous fleets

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.

business2 years ago

Lucid Motors' Massive Losses Per Car and Rivian's Plummeting Stock Shake EV Investors

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.