Rivian jumps on up to $1.25 billion investment plan by Uber

Shares of EV company Rivian RIVN.O rise 9.5% to $17 premarket

Uber UBER.N will invest up to $1.25 billion in RIVN, as part of a deal in which the ride-hailing firm will start deploying 10,000 fully autonomous R2 SUVs as robotaxis from 2028, companies say

Companies add that Uber will make an initial investment of $300 million, and will fund the remaining amount through 2031, subject to Rivian meeting certain autonomous milestones

As of last close, RIVN down ~21% this year