Uber pledges $10bn to win robotaxi race

{"text":[[{"start":11.08,"text":"Uber has pledged to spend more than $10bn expanding its robotaxi network, arguing its financial strength and more than 200mn customers will give it an edge in the intensifying race to commercialise autonomous vehicles."}],[{"start":25.04,"text":"The ride-hailing group generated a record $2.8bn in free cash flow in the second quarter, taking its 12-month total to about $10.1bn as bookings continued to grow strongly."}],[{"start":37.68,"text":"Dara Khosrowshahi, Uber’s chief executive, said the record cash haul would help it become the “long-term winner in AVs” and that the group would commit $10bn “over the coming years” to deploy 120,000 driverless vehicles."}],[{"start":51.4,"text":"“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 commercialisation platform for autonomous mobility.”"}],[{"start":68.56,"text":"Uber plans to operate robotaxi services in at least 15 cities this year, as it races Alphabet’s Waymo and Elon Musk’s Tesla to become the first robotaxi service to launch in major markets."}],[{"start":81.04,"text":"Earlier on Wednesday, Uber announced that its UK partner Wayve had received permits from Transport for London to launch a commercial robotaxi service with a supervising driver behind the wheel."}],[{"start":91.28,"text":"“I believe that it’s the UK’s first licence for AV technology to operate and a big step forward for the UK,” Alex Kendall, Wayve’s chief executive, told the FT, adding that it should allow the two companies to offer rides to Londoners in “a matter of weeks”."}],[{"start":106.64,"text":"TfL said it had approved 15 of Wayve’s modified Ford Mustang Mach-E vehicles."}],[{"start":null,"text":"

"}],[{"start":112.68,"text":"Uber’s shares have come under pressure this past year amid fears that the company’s ride-hailing service will be disrupted by robotaxis. The stock is trading down 13 per cent in 2026."}],[{"start":123,"text":"The company shuttered its in-house autonomous vehicle effort in 2020 as part of a cost-cutting drive but over the past year has been pushing to reposition itself as the key intermediary for the growing number of AV start-ups emerging around the world."}],[{"start":137.28,"text":"The commitment also comes as tensions have mounted between Uber and Waymo, with which the ride-hailing service had originally partnered in some US markets."}],[{"start":145.92,"text":"The FT last month reported that the two companies planned to split in Austin and Atlanta in 2028, as they engage in an intense lobbying battle over the future of AV deployments."}],[{"start":156.72,"text":"Uber has made significant commitments to invest in vehicle fleets and equity stakes with companies including Zoox, Rivian and Lucid — a departure from its asset-light “gig economy” business model. Uber is also deploying hundreds of its own sensor-laden vehicles to gather data for its AV partners."}],[{"start":174.04,"text":"Reporting its financial results for the three months to June 30, Uber said gross bookings — a measure of customers’ spending across all its business units — rose 24 per cent year on year to $58bn in the quarter, exceeding analysts’ estimates."}],[{"start":188.64,"text":"Revenue rose 12 per cent to $14.2bn but narrowly missed expectations because of a previously disclosed $1.1bn accounting hit related to changes in UK law."}],[{"start":199.92,"text":"Uber posted operating income of $1.9bn in the second quarter, coming in slightly below expectations after setting aside $141mn for a legal reserve."}],[{"start":210.34,"text":"The company forecast adjusted ebitda for the third quarter of between $2.86bn and $2.96bn. It projected gross bookings of between $58.25bn and $60.25bn. Both were broadly in line with estimates."}],[{"start":225.44,"text":"Balaji Krishnamurthy, Uber’s chief financial officer, said that the company would continue to leverage its balance sheet to invest in growth as he touted its €13bn offer to acquire German rival Delivery Hero."}],[{"start":238.04,"text":"Uber disclosed on Wednesday that it had paid roughly $4bn for a 37 per cent stake ahead of making a formal bid. The deal with Delivery Hero will enable Uber to access a number of high-growth markets including Europe and the Middle East."}],[{"start":256.5,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1785978146_3423.mp3"}