Uber is spending $10 billion to deploy 120,000 robotaxis across 15 cities
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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...
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