(RTTNews) - Rivian Automotive, Inc. (RIVN) and Uber Technologies, Inc. (UBER), Thursday announced a collaboration to deploy 10,000 fully autonomous R2 robotaxis in the first phase of R2 robotaxi deployment, with initial plans to begin in San Francisco and Miami in 2028 and expand to 25 cities by 2031.
Under this partnership, Uber will invest up to $1.25 billion in Rivian through 2031. Of this, $300 million investment has been committed to following signing.
The companies also have the option to negotiate the purchase of up to 40,000 more autonomous Rivian R2 vehicles beginning in 2030.
In the pre-market hours, RIVN is moving up 7.98 percent, to $16.78 on the Nasdaq.
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