Uber Technologies, Inc. (NYSE: UBER) has been taking the lead in autonomous vehicle (AV) adoption for several quarters. Recent announcements reveal that the company has entered into deals with over a dozen automotive partners, including Baidu Inc. (NASDAQ: BIDU), Rivian Automotive Inc. (NASDAQ: RIVN), and Lucid Group (NASDAQ: LCID). In total, the deals mean Uber is committing over $10 billion to AV vehicles, equity stakes, and fleet purchases.
The deals further emphasize the company’s commitment to becoming the largest facilitator of AV trips in the world by 2029. However, they also move the company away from its asset-light business model that powered Uber’s growth in the last decade.
