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Bottom line: Uber is moving quickly to put robotaxis on its main app, backed by a large cash pile and new approvals for real-world testing. The company plans to spend about $10 billion over the next few years to deploy 120,000 autonomous vehicles. It expects to run robotaxi services in at least 15 cities this year, putting it in direct competition with Alphabet's Waymo and Tesla as they all push to turn self-driving technology into a commercial service.
Chief executive Dara Khosrowshahi said the spending is possible because Uber is generating strong cash flow from its core business. In the second quarter, the company produced a record $2.8 billion in free cash flow. Over the past 12 months, free cash flow has reached about $10.1 billion as bookings continue to grow. "We're investing from a position of strength, as we accelerate our cross-platform strategy at a global scale and build the world's largest platform for autonomous vehicles," he said. "Our ambition is clear: to become the world's leading commercialization platform for autonomous mobility."
Instead of building a single in-house autonomous driving system, Uber is trying to become the main platform that connects multiple AV technologies to riders. The company shut down its own autonomous vehicle program in 2020 during a cost-cutting push. Over the past year, it has shifted to working as an intermediary for AV startups around the world.
