Uber’s Defense Against Robotaxis Is Funding Them

Uber Technologies Inc.’s investment in Rivian Automotive Inc. can be summed up in terms of time. The initial $300 million cash injection is roughly how much Rivian burns through in a month; while it is, conversely, a sum that Uber generates every 10 days or so. That disparity is at the heart of this deal.

Rivian is a loss-making US manufacturer of electrified pickups and SUVs, with an outdoors aesthetic geared toward the well-heeled Patagonia wearer. Having debuted on the stock market during the first year of the green-minded Biden administration, it once boasted a $100 billion-plus market capitalization. Today, that’s closer to $20 billion, and the company faces a government that has pulled EV subsidies and seems actively hostile to the very concept of the vehicles.