Uber Technologies Reportedly Plans To Invest $10 Bln On Robotaxis

(RTTNews) - Uber Technologies, Inc. (UBER) plans to spend more than $10 billion to buy thousands of self-driving cars and invest in the companies that make them, as per The Financial Times.

Out of this, about $2.5 billion will go into buying shares in robotaxi companies. Another $7.5 billion will be used to grow its fleet of vehicles over the next few years. However, Uber will only invest in these companies if they meet certain goals.

The report noted that Uber wants to become a platform where different robotaxi companies can offer their services. It has already partnered with companies like Baidu, Rivian, and Lucid, and aims to launch robotaxi services in at least 28 cities by 2028.

Recently, interest in driverless taxis has grown after years of slow progress, as advances in AI and partnerships between tech companies are helping solve driving challenges and reduce costs.

In the pre-market hours, UBER is trading at $73.71, up 1.21 percent on the New York Stock Exchange.