NEW YORK, March 22, 2026, 11:05 AM EDT
Uber Technologies shares settled at $73.89 on Friday, slipping 1.9% for the day and notching a roughly 5% loss across three sessions. Investors grappled with the expense of Uber’s robotaxi ambitions amid a wider tech slide. The Nasdaq dropped 2.01% Friday, pressured by surging oil prices and renewed inflation concerns.
Uber’s betting that driverless rides won’t sideline its platform—they’ll make it more central. That’s the pitch, and with Waymo and Tesla ramping up, the pressure is on. Several deals landed this month, turning up the heat for the stock.
Uber and Rivian on March 19 put out plans to roll out 10,000 fully autonomous R2 robotaxis. First stops: San Francisco and Miami, with the launch slated for 2028. They’re aiming to hit 25 cities by 2031. Uber’s initial commitment stands at $300 million, but that could reach $1.25 billion if Rivian clears certain self-driving tech milestones.
On Monday, Uber and Nvidia said they’re teaming up to roll out robotaxis in Los Angeles and San Francisco starting in 2027, with plans to reach 28 cities around the world by 2028. Uber, for its part, isn’t looking to manufacture the vehicles—it’s after the marketplace, the rider interface, and the backend fleet management.
Uber’s been pushing this line for weeks now. Back in February, the company argued robotaxis would boost supply, make rides more reliable, and drive prices down. CEO Dara Khosrowshahi pointed to the promise of autonomous vehicles—calling them “safer and more affordable”—but flagged that “meaningful commercialization will take much longer.” Reuters
Some analysts see reasons to be optimistic. Mark Mahaney at Evercore ISI told Business Insider, “the more diversified the supplier base” is, the better for Uber. Over at Mizuho, Lloyd Walmsley pointed out that Uber’s investment checks are relatively small given its scale, which could attract outside capital for building out the ecosystem. Business Insider
Some analysts are less effusive. James Picariello at BNP Paribas described Rivian’s move as “widely expected,” adding that Uber’s upfront commitment could offset some of the higher research costs from Rivian’s push into self-driving. Reuters
But it’s a waiting game. Rivian’s first commercial rollouts aren’t penciled in until 2028, so the capital goes out the door well before any meaningful returns show up.
The pressure isn’t letting up. Alphabet’s Waymo is operating close to 2,500 robotaxis across multiple U.S. cities. Tesla, for its part, rolled out a limited robotaxi service in Austin. For Uber, that’s a clear signal: the company is hustling to stay the platform of choice as these fleets grow.
Uber’s core business is holding up. The company reported a 22% jump in fourth-quarter trips to 3.8 billion, with revenue up 20% at $14.4 billion. Adjusted EBITDA—an operating profit metric—came in at $2.5 billion, a 35% increase. Still, February guidance missed Wall Street’s mark.
The risk for the stock stands out. Should robotaxis roll out at a slower pace than Uber anticipates—or if a dominant player manages to lock riders within its own ecosystem—Uber could be forced into costly defensive moves rather than seeing any margin expansion. Motional CEO Laura Major labeled that scenario “existential” for Uber in a winner-take-all landscape. Business Insider
