India, Aug. 5 -- Uber shares fell after the company announced a major push into robotaxis. Uber said on Wednesday that it plans to spend more than $10 billion over the coming years to expand its robotaxi business.

Uber shares dropped 4.8% after the company forecast third-quarter adjusted earnings per share of 84 cents to 88 cents. That was below the 89 cents analysts expected, according to LSEG data. The $10 billion will not mainly be spent on building Uber's own robotaxis. Instead, Uber said much of the money will go toward equity investments in autonomous-driving companies, supporting vehicle fleets and helping partners with vehicle commitments.

Uber is betting that its large customer base will give it an advantage. The company has mo...