Rivian says it's on track for $250 million Uber funding by year-end, R2 demand strong
UBER•Rivian CEO RJ Scaringe said the company is confident it will meet an autonomy milestone this year that unlocks a $250 million tranche of Uber's investment. Strong R2 demand helped Rivian deliver a record 19,248 vehicles in the third quarter.
1. Uber funding milestone
Rivian CEO RJ Scaringe said the company is “very confident” it will meet an autonomy milestone this year, unlocking a $250 million tranche of Uber's investment. Uber is investing up to $1.25 billion in Rivian through 2031, with payments contingent on autonomy milestones. The companies target a 2028 launch of driverless R2 robotaxis on Uber's network, starting in a couple of cities and expanding to roughly 25 over about 18 months.
2. R2 lifts deliveries
The R2 outsold Rivian's R1 SUV and pickup truck and its delivery van in its first full quarter, helping lift deliveries to a record 19,248. Scaringe said Rivian had brought on and was ramping a second shift, and expected further R2 production ramp-up in the fourth quarter. Cheaper R2 trims starting at $45,000 are due next year.
3. Costs and software
Rivian's cost of goods sold per vehicle fell by more than $12,000 in the third quarter from the prior three-month period, although the company still loses money on each vehicle. Scaringe described Rivian's software relationship with Volkswagen as “very positive.” The first Volkswagen vehicle using Rivian technology, a low-cost EV for Europe, is on track for a 2027 launch.
