In another big move in the robotaxi space, Rivian (RIVN) will supply Uber (UBER) with up to 50,000 fully autonomous robotaxis in exchange for up to $1.25 billion in funding.

Uber and its fleet partners will purchase 10,000 Rivian R2 robotaxis, with an option to purchase 40,000 more in 2030. Initial deployments will start in San Francisco and Miami in 2028, with plans to scale to 25 cities by 2031.

Uber’s $1.25 billion investment is subject to certain autonomous milestones, though an initial $300 million investment has been committed, subject to regulatory approval.

Rivian stock surged by more than 10% in early trading.

Read more at YAHOO!