02:58 PM EDT, 03/19/2026 (MT Newswires) -- Uber Technologies ( UBER ) intends to invest up to $1.25 billion in Rivian Automotive ( RIVN ) through 2031 as part of a partnership aimed at accelerating the companies' autonomous vehicle plans, they said Thursday.

The planned investment is subject to certain autonomous performance milestones. The ride-hailing company has committed an initial $300 million investment in the electric vehicle maker, subject to regulatory approval.

Uber ( UBER ), or its fleet partners, expect to deploy 10,000 fully autonomous Rivian R2 robotaxis in the initial phase, likely to start in San Francisco and Miami in 2028 and expanding to 25 cities in the US, Canada, and Europe by 2031.

The companies also have the option to negotiate the purchase of up to 40,000 additional R2 vehicles starting in 2030. The R2 robotaxi fleet will operate exclusively through the Uber ( UBER ) platform, the companies said.

The partnership will help Rivian accelerate its path to level 4 autonomy, Chief Executive RJ Scaringe said.

Rivian shares were up 1.2% intraday Thursday, while Uber ( UBER ) fell 1.6%.

For Rivian, the partnership brings "a binding commercial anchor to the R2 platform and injects capital visibility at a critical point in the production cycle while also validating its (AV) roadmap," Wedbush Securities said in a note to clients.

"The partnership does come at a cost, with (Rivian) no longer expecting to be (adjusted earnings before interest, taxes, depreciation, and amortization) positive in 2027 due to the expected increase in (research and development) spend tied to the acceleration of its autonomy roadmap," the brokerage wrote.

In 2024, German car maker Volkswagen Group agreed to invest up to $5.8 billion in Rivian and their new joint venture by 2027 in an upsized deal.

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