NEW YORK, March 20, 2026, 10:08 EDT
Rivian Automotive, Inc. shares skidded 6% to $15.21 as of 9:45 a.m. EDT Friday, unwinding gains from a $16.12 close the day before. This came right after Uber’s $1.25 billion robotaxi deal was unveiled—the news boosted Rivian on Thursday, but investors quickly circled back to expenses tied to pushing the company’s autonomous ambitions.
This partnership hands Rivian much-needed capital and secures a major commercial ally, just as the company gears up for the R2 launch. That lower-cost SUV is the one Wall Street has pegged as pivotal for Rivian to grow out of its high-end R1 segment. There’s a catch, though: with the uptick in research and development spending, Rivian no longer projects adjusted core profit—its preferred gauge for underlying operating earnings—in 2027.
Uber plans to put up as much as $1.25 billion into Rivian by 2031, kicking off with a $300 million chunk once the deal clears regulators. The company—or its fleet partners—expects to order 10,000 R2 autonomous robotaxis, plus it’s got the right to negotiate for as many as 40,000 more starting in 2030. San Francisco and Miami are first in line for rollout in 2028, with the goal of reaching 25 cities by 2031 if performance targets are met.
Rivian CEO RJ Scaringe said the new deal would “accelerate our path to level 4 autonomy,” referring to vehicles capable of fully self-driving in certain scenarios, no human needed. Uber’s Dara Khosrowshahi pointed to Rivian’s integrated hardware and software approach as the reason Uber felt confident chasing “ambitious but achievable targets.” BNP Paribas analyst James Picariello described the partnership as “widely expected,” noting Uber’s initial outlay should handle the extra R&D costs. Picariello is still projecting breakeven EBITDA by 2028, with positive free cash flow on track for 2030. Reuters
The deal puts Rivian right into the thick of the U.S. driverless-taxi competition. Waymo’s fleet, roughly 2,500 strong, already covers multiple American cities. Tesla, for its part, is running a limited robotaxi operation out of Austin. Uber, meanwhile, is working to become a multi-operator marketplace for robotaxis.
Rivian is counting on the R2. Back in February, the company projected 2026 deliveries would jump 53%, landing somewhere between 62,000 and 67,000 vehicles—mostly on the strength of the R2. Last week, Reuters said first R2 deliveries are slated for this spring, with a launch version tagged at $57,990. The new model is Rivian’s push to reach more buyers and challenge Tesla’s Model Y.
Risks remain. Funding above the initial $300 million depends on hitting autonomy milestones, and the companies flagged in their filing that assumptions around regulatory sign-off and rollout timing could shift. Barclays analyst Dan Levy pointed out last week that a significant chunk of Rivian’s 100,000-plus R2 orders probably came in back when buyers were banking on the $7,500 U.S. EV tax credit—so, for early reservation holders, the vehicle now looks more expensive than they might have planned.
Rivian’s challenge is clear: turning those fresh alliances into real profits is still a big question mark. According to Reuters company data, revenue for 2025 landed at $5.39 billion, but the net loss wasn’t small—$3.65 billion. Shares rebounded this Thursday, yet they’re still sitting roughly 20% lower since the year began.
