Connect with us

Hi, what are you looking for?

Investing

Uber sells self-driving car project to smaller start-up

Addison Lee self drive car

Uber is selling its self-driving car business to a smaller rival in a $4 billion deal that ends the ride-hailing group’s ambitions to develop its own autonomous vehicle.

The San Francisco-based company will transfer the division to Aurora Innovation, and will also invest $400 million in the Silicon Valley start-up. Uber will have a 26 per cent stake in Aurora.

It will bring down the curtain on Uber’s troubled solo attempt to develop a driverless vehicle. The deal values Uber’s Advanced Technologies Group at $4 billion, significantly less than the $7.25 billion price tag that was put on the division last year in a $1 billion fundraising with investors.

Uber started its autonomous car division in 2016 and the initiative has been a considerable cash burner for the company because of its high costs. The project was also involved in a fatal accident in 2018, when a pedestrian in Arizona was killed after she was struck by an Uber self-driving car.

Aurora was founded in 2017 by Chris Urmson, the former lead engineer for Google’s self-driving project, and is valued at $10 billion by the deal with Uber. The two companies said last night that producing a driverless truck will be the division’s first priority under Aurora.

Uber, which is led by Dara Khosrowshahi, has been examining options for the division for some time. It is hoping to accelerate its push to profitability by offloading the business.

Read more:
Uber sells self-driving car project to smaller start-up

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

REPORTS of significant attacks against two Russian air bases are a new and dangerous twist in the Ukraine war. One of the explosions was...

Economy

The COVID-19 pandemic dealt a blow to the Philippine economy and exposed many gaps and weaknesses in our system that had been present for...

Economy

In 2016, several art scholars and museums embarked on a project to digitally produce 17th century artist Rembrandt’s next work, by using a computer...

Economy

Southeast Asia is adjusting to a new normal with the welcome return of travel and in-person gatherings, be it at work, with family and...

Economy

SINGAPORE — Jollibee Foods Corp, the biggest fast-food operator in the Philippines, is in advanced discussions to sell a minority stake in its Vietnamese...

Economy

INDONESIAN lawmakers have passed a contentious criminal code that outlaws extramarital sex and raises penalties on abortions as part of legislation that sparked violent...

You May Also Like

Investing

The minute that any question pops into your head, you can simply ask Google. No longer do we have to pour over books and...

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Investing

Browsing history makes referring to sites and pages you’ve visited in the past seamless. It’ll help you recall what page you checked out on...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.