On Thursday, Serve Robotics, a logistics robot startup supported by Nvidia, unveiled its third-generation autonomous delivery robot, poised to hit the streets in the first quarter of 2025, delivering for Uber Eats, a subsidiary of Uber.
In an exclusive interview, Serve Robotics CEO Ali Kashani shared insights about the new robot, stating, “They move faster, can stay outside longer, and have a larger carrying capacity,” adding that the manufacturing costs are only half of what they were previously.
The computational power of the third-generation robot is five times greater than that of its predecessor, enabling it to carry up to four 16-inch pizza boxes at once. Currently, Serve Robotics operates about five second-generation robots primarily delivering for partners like 7-Eleven on the West Coast. Earlier in August, the company announced a plan to deploy 2,000 robots for Uber by 2025, with the first batch of 250 expected in the upcoming quarter. These advanced robots are being manufactured by Magna International, a major auto parts supplier, and are powered by Nvidia chips.
Interestingly, Serve Robotics won’t be selling these robots to Uber; instead, they will operate them similarly to a contractor arrangement. When asked about the financial details of their delivery contracts, Serve Robotics declined to comment.
Following the announcement, Serve Robotics’ stock surged over 8% to $9.38 before stabilizing, ultimately closing 3.9% higher at $9.00. This performance outpaced gains seen in the S&P 500 and the Dow Jones Industrial Average, which rose by 0.5% and 0.8%, respectively.
It’s worth noting that Serve Robotics is a relatively small company, with a market capitalization of approximately $380 million. Uber and Nvidia are significant shareholders, owning about 14% and 10% of the company, respectively.
