Uber's strategic pivot toward robotaxis is already well underway

Published: 2026-04-18 05:54:49 ET UBER

Recent announcements, backed by substantial capital commitments, confirm Uber's convergence with the robotaxi sector… and its gradual departure from the "asset-light" model.

Eloi Suinot

Published on 04/18/2026 at 05:54 am EDT

Uber nevertheless bet on the potential of robotaxi very early on. In 2020, with a highly valued share price but a company that was still struggling to reach profitability, the group sold its dedicated division for $4bn to reduce its cash burn.

However, strictly speaking, this is not a reversal. Uber is now forging international partnerships with robotaxi providers to build fleets in the most regulatory-advanced regions. This week, the Financial Times revealed that the group had committed $10bn - $7.5bn to build a vehicle fleet, and $2.5bn in equity stakes in sector-related projects. H2 2024 marked a turning point, as Uber sought out partners while conducting a charm offensive designed to reassure shareholders of its determination not to miss this transition.

The group is thus tending to become a platform integrating several modes of transport. In recent months, it has multiplied major partnerships to own autonomous vehicles, notably with Lucid and Rivian. Uber has also signed agreements with manufacturers of delivery robots and autonomous trucks.

The group is therefore at a key stage, which is transforming its financial model more than its operational one. In the long term, Uber could do without what has long weighed on its profitability: its drivers, who represent 70% to 80% of the cost of a ride.

By owning its fleet, the group is breaking with its capital-light model. FY 2025 results show investments in PP&E (property, plant, and equipment) of $336m, for a free cash flow of nearly $10bn. The company therefore generates sufficient liquidity to finance these investments. But the market would do well to get excited about these new prospects since, in the future, Uber will likely have to slow down its share buybacks, which surged to $6.5bn in 2025.

It is true that the stock has suffered in recent months, not to mention a valuation that has stagnated since the end of 2024, in the wake of announcements from Waymo (Alphabet) and Tesla. For Uber, owning part of its robotaxi fleet is an essential safeguard to protect itself from the ambitions of tech giants which are now competitors. Indeed, these major players seem to want to go it alone. While Waymo has concluded agreements with Uber in certain cities, it appears that, in the most strategic markets, the company is favoring a solitary trajectory. Tesla, meanwhile, also operates its own application, as does Amazon with Zoox.

Uber is therefore very much in the race, but according to a different logic. Few manufacturers are already truly active, and Uber's firepower, with its forty million daily trips, will be invaluable in helping these brands win customer loyalty in a market that is still embryonic relative to its potential.

The strategy is now becoming clearer: Uber is betting on both vehicle ownership and strategic partnerships, such as the one forged with Nvidia. The group seeks to bridge the gap between Nvidia's software architecture and numerous partner manufacturers, in order to create a common language between its suppliers and robotaxis. CEO Dara Khosrowshahi himself speaks of a "multi-player" universe for autonomous vehicles on the Uber platform.

So, has Uber played its cards right? While reports on the evolution of robotaxis describe slow adoption, massive development costs, and still-stubborn regulatory constraints, having given up on being the "brain" of this revolution to merely be its operator makes perfect sense. Especially since at the time, beyond the financial stakes, the reputational risks associated with potential accidents were significant.

The group is getting involved today at a time when its profitability is firmly established, without having given manufacturers the opportunity to bypass its intermediation. And it is doing so at a moment when the sector's advances finally seem to be starting to deliver on their promises.