Rivian: Rivian says it's on track for $250 million Uber funding by year
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Rivian CEO RJ Scaringe said on Thursday the company is very confident it will hit an autonomy milestone this year to unlock $250 million from Uber.
- ✓Strong R2 sales helped the firm reach record deliveries of 19,248.
- ✓Rivian also continues to work closely with Volkswagen on new electric vehicle technology.
Story at a Glance
- Category
- BUSINESS
- Reported By
- The Economic Times
- Reading Speed
- 3 Minute(s)
- Market Focus
- India Economy
Synopsis
The Uber funding and strong R2 sales are crucial to Rivian's push to narrow heavy losses and cash burn while it funds a bet on self-driving technology and leans on its joint venture with Volkswagen, which has become a major source of revenue.
Listen to this article in summarized format
Rivian CEO RJ Scaringe said on Thursday the EV maker is "very confident" it will hit an autonomy milestone this year that unlocks a $250 million tranche of Uber's investment, and that demand for its new R2 compact SUV was strong.
The Uber funding and strong R2 sales are crucial to Rivian's push to narrow heavy losses and cash burn while it funds a bet on self-driving technology and leans on its joint venture with Volkswagen, which has become a major source of revenue.
Unlock the Full Story with ArthNow Premium
To continue reading this complete financial story and in-depth market context, upgrade to ArthNow Premium. Enjoy unlimited access across Web and Mobile.
The Economic Times
Read the full, original unfiltered story directly on the publisher's portal.