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Recently, I covered how Uber is making waves in autonomous vehicle technology. The Financial Times has revealed Uber’s commitment of over $10 billion towards autonomous vehicle purchases and equity stakes in tech development companies. Public records and insider information show $2.5 billion in direct investments and $7.5 billion allocated for robotaxi acquisitions.
We’ve reported on Uber’s investments in autonomous tech companies, including WeRide, Lucid and Nuro, Rivian, and Wayve.
This large investment, especially the $7.5 billion, reminds me of another transformative period in Uber’s history. Although Uber started with an asset-light strategy, it later took a different approach.
Between 2015 and 2018, Uber launched electric air taxi developer Uber Elevate and Uber ATG for autonomous vehicles, boosted by acquiring Otto in 2016. Uber acquired micromobility startup Jump in 2018.
Then in 2020, Uber shifted away from asset-heavy projects, selling Uber ATG to Aurora, Jump to Lime, and Elevate to Joby Aviation, while maintaining equity stakes.
Uber is entering a new asset-heavy era. While not developing tech in-house, Uber is focusing on acquiring (or leasing) physical assets.
This strategy may bring interesting developments to Uber’s balance sheet.
Owning fleets of robotaxis might not have been Uber’s original vision, but this new strategy could achieve similar goals.
A little bird
Earlier this month, I interviewed Eclipse partner Jiten Behl about their $1.3 billion fund for physical AI startups. The firm plans to incubate more startups, like the Rivian spinout Also. Behl hinted at interesting projects.
With some insider tips and research by senior reporter Sean O’Kane, we anticipate an announcement from a San Francisco startup developing a driverless autonomous hauler. It sounds like Einride’s project, but we’ll see.
The startup has a small but prestigious team, including a founder from Uber ATG, Pronto, and Waabi. Stay tuned.
Email tips to Kirsten Korosec at [email protected] or my Signal at kkorosec.07, or email Sean O’Kane at [email protected].
Deals!
Slate is back with more capital for its affordable pickup trucks, expected by end of 2026. The EV startup, backed by Jeff Bezos, raised $650 million in a Series C round led by TWG Global. Keep an eye on TWG. Slate has raised $1.4 billion so far, with past investors including General Catalyst and former Amazon exec Diego Piacentini.
Other notable deals…
Glydways, a San Francisco startup building autonomous pods for cities, raised $170 million in Series C led by Suzuki Motor Corporation, ACS Group, and Khosla Ventures. Existing investors Mitsui Chemicals and Gates Frontier, and new investor Obayashi Corporation participated.
GM and Ford are reportedly in talks with the Pentagon about revamping military procurement programs for vehicles and munitions, per the New York Times.
Loop, a San Francisco startup, raised $95 million in Series C funding led by Valor Equity Partners and Valor Atreides AI Fund, with participation from 8VC, Founders Fund, Index Ventures, and Growth Equity Partners.
Monarch Tractor’s assets were acquired by Caterpillar after struggles to shift to a software services model.
Uber increased its stake in Delivery Hero by 4.5% according to the Financial Times. Uber is buying shares worth 270 million euros from Prosus.
Notable reads and other tidbits
Doug Field, Ford’s electric vehicle and tech strategy leader, is leaving. Ford is reorganizing, with the new “product creation and industrialization” team led by COO Kumar Galhotra. Field’s future destination remains unclear.
Lightship, the electric RV startup, is expanding its Colorado factory by 44,000 square feet to increase manufacturing capacity.
Rivian and Redwood Materials’ partnership is bearing fruit. Redwood is setting up energy storage using second-life Rivian battery packs, providing 10 MWh for cost and grid load reduction.
Tesla’s new self-driving app allows easier subscription to its Full Self-Driving software and tracks usage with gamified stats.
Waymo started testing autonomous vehicles in London and eliminated waitlists for robotaxi services in Miami and Orlando.
One more thing…
My podcast, the Autonocast, is also focusing more on robotics. Check out the interview with Foxglove founder Adrian MacNeil, formerly of Cruise.