Uber Sells Entire Stake in Serve Robotics

Uber has sold its entire stake in the autonomous delivery robot company Serve Robotics. According to documents submitted to the U.S. Securities and Exchange Commission (SEC), Uber disclosed that it had disposed of all its shares in Serve Robotics. Serve Robotics originated from the robotics division of Postmates, which Uber acquired for $2.65 billion in 2020, and even after becoming an independent entity in 2021, Uber remained an investor and delivery platform partner. The two companies formed a partnership in 2022, and in May 2023, they agreed to deploy up to 2,000 delivery robots on the Uber app. However, in the second quarter of 2023, the growth in deliveries through Uber slowed, and the CEO of Serve Robotics stated that lower-than-expected robot utilization rates were the cause. Serve Robotics mentioned that while deliveries through other food delivery partners increased by about 50%, a review of the renewal of the partnership contract with Uber may be necessary. The current contract is valid until February 24, 2027, and will automatically renew unless a separate termination notice is given.

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