Image credits: Rivian

Welcome back to TechCrunch Mobility — your central hub for news and insights on the future of transportation.

We are in the midst of one of my four favorite times of year — earnings season. And it's not just that I like numbers. These required filings cut through a lot of the marketing noise presented by companies the rest of the year. They also help me assess the short- and long-term stakes the companies face.

Rivian's fourth-quarter and full-year earnings did precisely that. My takeaway: Software, and specifically its technology joint venture with Volkswagen Group, was the company's savior in 2025. It will also buoy the company into 2026 (another $2 billion is expected from VW Group) as Rivian launches its most important product to date: the lower-cost R2 SUV.

The company's earnings also provided a progress report on its bid to lower the cost of goods sold per unit. The TL;DR is that the cogs per unit for its current portfolio is still high but dropping, meaning it's losing less on each vehicle it sells. According to Rivian, the company's automotive cogs per unit delivered was $100,900 in 2025, down from $110,400 in 2024.

The upcoming R2, which is supposed to be considerably cheaper (both in production cost and price tag) than its flagship R1T truck and R1S SUV, will be the next big test. We'll get some insight into the results of that later this year.

The R2 is expected to go into production in the first half of the year (we're hearing June), and based on its guidance for 2026, Rivian is confident it has the demand and the ability to ramp production. The company expects to deliver between 62,000 and 67,000 vehicles in 2026 — which could provide up to a 59% bump from last year. Rivian delivered 42,247 vehicles in 2025, which includes its two R1 consumer vehicles and the electric delivery van (EDV).

The market loved that guidance, btw. Rivian stock shot up 27% in the day after it reported earnings.

A little bird

Image credits: Bryce Durbin

Over the past 18 months, I've noticed a divergence in how Uber and Lyft are approaching AVs. Uber is locking up AV partnerships with every player it can. Lyft is trailing behind. Turns out, I am not alone in this observation.

Insiders have shared their puzzlement about why Lyft hasn't been more aggressive on this front. They noted that Lyft is sitting on about $1.8 billion in cash, cash equivalents, and restricted cash, and recently announced a new $1 billion share repurchase program that represents about 15% of its market cap, per CNBC. That has some wondering why Lyft did not invest in parts of the AV value chain like Uber is doing versus buying shares back.

Meanwhile, these little birds also pointed to a few top executives who have departed over the past year. Aurélien Nolf left his position as VP of financial planning and analysis and investor relations to become CFO of Navan. Audrey Liu, who was an executive VP and head of rider and community safety, is now at Adobe. Ameena Gill, who was VP of safety and customer care just took a job at rival Uber.

Got a tip for us? Email Kirsten Korosec at kirsten.korosec@techcrunch.com or my Signal at kkorosec.07, or email Sean O'Kane at sean.okane@techcrunch.com.

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Deals!

Image credits: Bryce Durbin

Close followers of the mobility-crazed years, between 2015 and 2019, might recall how many lidar companies popped up during that time. Many of the dominant and buzziest ones have since shuttered, while some of the smallest players have hung on and expanded.

Take Ouster, for instance. I remember way back when Ouster had this tiny little booth in the jam-packed startups area (Eureka Park) at CES. Today, the company is much bigger — thanks to scale, its 2022 merger with rival Velodyne, and its acquisition of Sense Photonics in 2021. And it doesn't appear to be finished.

The company most recently acquired Stereolabs, a company that makes vision-based perception systems for robotics and industrial applications, for a combination of $35 million and 1.8 million shares.

As TechCrunch senior reporter Sean O'Kane notes in his article, the deal is the latest in a march toward consolidation among perception sensor suppliers. (Just last month, MicroVision bought the lidar assets of the buzzy-but-now-bankrupt Luminar for $33 million.)

So why all the activity? It's complicated, as they say. From my POV, the frenzy around "physical AI" has reignited interest and investment in sensor technologies, particularly cameras.

Other deals that got my attention …

Ever, the EV-only marketplace, raised $31 million in a Series A funding round led by Eclipse. Other backers include Ibex Investors, Lifeline Ventures, and JIMCO — the investment arm of the Saudi Arabian Jameel family (an early investor in Rivian).

Natilus, the San Diego-based startup developing blended-wing aircraft, raised $28 million in a Series A funding round led by Draper Associates. Other investors include Type One Ventures, The Veteran Fund, and Flexport, as well as new backers New Vista Capital, Soma Capital, Liquid 2 VC, VU Venture Partners, and Wave FX.

Notable reads and other tidbits

Image credits: Bryce Durbin

Aurora shared in its Q4 and full-year earnings report that its self-driving trucks can now travel nonstop on a 1,000-mile route between Fort Worth and Phoenix — exceeding what a human driver can legally accomplish. The company shared a number of other tidbits, and financials, which you can read about here.

The U.S. Securities and Exchange Commission closed its investigation into Fisker last year, TechCrunch was able to learn, thanks to a Freedom of Information Act request.

Lyft has launched teen accounts, a product that allows minors as young as 13 to hail a ride without an adult in 200 U.S. cities, including Atlanta, Boston, Chicago, and New York.

A fresh batch of videos gives us the best look at how Rivian has changed the rear door manual release on its upcoming R2 SUV. This seemingly minor design detail has life-or-death stakes and comes as the EV industry, and particularly Tesla, is getting pressure to change concealed, electronic door handles.

The Trump administration officially repealed the EPA's 2009 "endangerment finding," which found that greenhouse gases such as carbon dioxide and methane were a threat to human health and welfare. This change would only affect tailpipe emissions for cars and trucks — if the EPA makes it through the lengthy process of repealing the law, which will certainly include numerous lawsuits aimed at stopping it.

Uber has locked in a couple dozen AV partnerships, and we're starting to see the results of those deals. China's Baidu and Uber plan to launch robotaxis in Dubai in the next month, starting with select locations within the Jumeirah area. Meanwhile, Chinese robotaxi company WeRide and Uber announced a "major expansion of their strategic partnership" to deploy at least 1,200 robotaxis across the Middle East through 2027, according to the companies. As part of this, WeRide and Uber have launched a robotaxi service in downtown Abu Dhabi.

Waymo pulled the human safety driver from its autonomous test vehicles in Nashville as the Alphabet-owned company moves closer to launching a robotaxi service in the city. Meanwhile, this tech-forward company is wrestling with the analog problem of ensuring the doors of its robotaxis are properly shut. Its solution? Pay DoorDash gig workers to shut Waymo robotaxi doors. Waymo tells us this is a pilot program in Atlanta to enhance its AV fleet efficiency.

One final Waymo item: The company is starting to roll out its sixth-generation "Waymo Driver," which is integrated into the Zeekr RT (rebranded Ojai) and will eventually be in the Hyundai Ioniq 5. Waymo has started "fully autonomous operations" in the Ojai vehicle in San Francisco and Los Angeles and is giving access to employees. The public will have to wait for a bit.

One more thing …

Rivian has pitched its upcoming R2 SUV as a more affordable model. What does "more affordable" mean? The company has thrown around $45,000 and $50,000 as a base price. The company's launch version of the R2, which will be a dual-mode and all-wheel-drive premium trim, will undoubtedly be more expensive. What's your guess on the cost of the launch edition?