Uber Technologies Inc (NYSE:UBER, XETRA:UT8) is intensifying competition with dedicated robotaxi operators by committing more than $10 billion to autonomous vehicle purchases and equity stakes in their developers, the Financial Times reported on Wednesday.
The investment marks a significant shift away from the ride-hailing giant's traditional asset-light model, as the company moves to defend its position against the growing robotaxi threat.
According to the FT, citing analyst estimates and people familiar with Uber's deals, the commitments comprise more than $2.5 billion in equity stakes and over $7.5 billion earmarked for robotaxi fleets over the next few years, though agreements are contingent on partners hitting deployment milestones.
Uber has positioned itself as a marketplace for multiple autonomous vehicle operators and has struck partnerships across the industry, including with Baidu, Rivian and Lucid, with plans to launch robotaxi services in at least 28 cities by 2028.
Interest in driverless taxis has accelerated after years of unmet expectations, with advances in artificial intelligence offering renewed hope of handling complex traffic scenarios at a viable cost.