Rivian says it’s on track for $250 million Uber funding by year-end, R2 demand strong

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.

Uber is investing up to $1.25 billion in Rivian through 2031, which includes an initial $300 million and is contingent on autonomy milestones. Scaringe declined to detail the criteria assigned to each tranche but said the timing was “right on time” against the company’s internal plan.