Key facts
- Rivian expects to receive $250 million from Uber by year-end.
- The R2 SUV outsold Rivian's R1 SUV, pickup, and delivery van in its first full quarter.
- Cheaper R2 trim variants, priced down to $45,000, are due next year.
- Cost of goods sold per vehicle fell by over $12,000 in Q3.
- The first Volkswagen vehicle with Rivian technology is slated for a 2027 launch.
Rivian is confident it will meet an autonomy milestone this year to unlock a $250 million investment tranche from Uber, CEO RJ Scaringe said on Thursday. The electric vehicle maker also reported strong demand for its new R2 compact SUV, a crucial factor for narrowing losses and funding its self-driving technology ambitions. The company is also leveraging its joint venture with Volkswagen, which is expected to provide a significant revenue stream. Uber's investment of up to $1.25 billion is contingent on autonomy milestones, with a target of launching driverless R2 robotaxis on Uber's network by 2028. Rivian delivered 19,248 vehicles in the third quarter, with the R2 model outselling its R1 counterparts and delivery vans. Cheaper R2 variants are expected next year, and the company has seen a significant reduction in the cost of goods sold per vehicle.