This week was a rollercoaster ride in the world of business and tech. From Rivian Automotive’s billion-dollar deal with Uber to Ross Gerber’s push for electric vehicles, there was no shortage of intriguing developments. Let’s dive into the top stories of the week.
Rivian’s High-Stakes Uber Deal
Rivian Automotive has inked a $1.25 billion deal with Uber to provide up to 50,000 R2-based robotaxis. The initial order covers 10,000 robotaxis, with Uber having the option to purchase up to 40,000 additional units. However, Rivian must meet four performance milestones to secure the full funding from Uber. James Picariello, BNP Paribas Equity Research senior analyst, noted that the deal reflects Uber’s confidence in Rivian’s autonomy capabilities.
Ross Gerber Advocates For EVs Amid Soaring Fuel Prices
As the Middle East conflict escalates and oil prices soar, investor Ross Gerber of Gerber Kawasaki is urging people to switch to electric vehicles (EVs). Gerber highlighted the cost-effectiveness of EVs in a social media post, stating that driving an EV could save thousands of dollars annually compared to a gas car.
Canada’s Opposition Leader Proposes US-Focused Auto Strategy
Pierre Poilievre, Canada’s leader of the Official Opposition and the Conservative Party, is advocating for a U.S.-focused auto industry strategy amid Canada’s tariff agreement with China. Poilievre proposed tax exemptions for vehicles made in Canada and a rule allowing equal dollar value imports from the U.S. or Mexico for every vehicle produced in Canada.
Tesla To Build $4.3 Billion Battery Plant In Michigan
The Trump administration confirmed that Tesla will build a $4.3 billion battery plant in Michigan in partnership with LG Energy. The Department of Interior mentioned the deal among agreements worth over $56 billion aimed at creating jobs and securing critical energy supply chains.
United Airlines Cuts Flights Amid Rising Fuel Costs
United Airlines announced a 5% reduction in scheduled capacity for the second and third quarters due to escalating fuel costs. The airline will target weaker, off-peak routes and trim flying at Chicago O’Hare. CEO Scott Kirby warned of a potential $175 per barrel oil scenario.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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