Rivian Automotive, Inc. (RIVN) shares plummeted 5.02% during intraday trading on Friday, as the market reacted to the company's newly announced strategic partnership with Uber.

The deal, which includes an initial $300 million investment from Uber and an order for up to 50,000 R2-based robotaxis, was seen providing a crucial capital injection and demand validation for Rivian's vehicle platform. However, the company concurrently confirmed that due to significantly higher research and development spending, it no longer expects to achieve adjusted EBITDA positivity in 2027, pushing its profitability timeline further out.

While some analysts viewed the partnership as a validation of Rivian's autonomous driving roadmap, others characterized it as a high-stakes "test," noting that the company is going "all-in" on the deal while facing increased cash burn and delayed financial targets, which appears to have unsettled investors.