Uber To Sell Self Driving Business to Aurora

 

 

 

Uber will be selling its self-driving car business to autonomous vehicle startup Aurora in the first quarter of January 2021.

 Uber’s five-year self-driving car business began in 2015 in Pittsburgh. It was filled with litigation and a fatal accident in Arizona.

 Uber cut its staff by 25% due to the unraveling of its business model as a fallout of the pandemic. It expects this deal with Aurora to reduce its costs. It also envisions the deal will contribute to its profitability in 2021.

 Uber will also invest $400 million in Aurora when the deal closes in the first quarter of 2021, making Uber own around 26% of Aurora. Amazon is one of its investors.

In a blog post, Urmson, CEO, Aurora said that Uber ATG’s safety work was one of the reasons it acquired Uber ATG.

 “Throughout the last several years, they’ve also worked tirelessly to build an experienced safety team with diverse backgrounds,” Urmson said.

He felt that Uber’s ride-hailing expertise will increase Aurora’s chances to lead in passenger mobility. He also said that a majority of ATG employees will be retained. Dara Khosrowshahi CEO, Uber, is expected to join Aurora’s board of directors.

 Aurora will connect with Toyota, which invested in Uber ATG, through this deal. Aurora needs a partner to manufacture vehicles while it develops the sensors and software required to power self-driving vehicles.

 Source CNN Business

Wikimedia


Follow us on Google news for more updates and News










PLEASE READ THE IMPORTANT DISCLOSURES BELOW.

This content is being provided to you for informational purposes only. The content has been prepared by third parties not affiliated with CWEB Inc, a business. This content and any information contained therein, does not constitute a recommendation by CWEB to buy, sell or hold any security, financial product or instrument referenced in the content. This information neither is, nor should be construed as an offer, or a solicitation of an offer, to buy or sell securities by CWEB Inc. CWEB Inc. does not offer or provide any opinion regarding the nature, potential, value, suitability or profitability of any particular investment or investment strategy, and you shall be fully responsible for any investment decisions you make, and such decisions will be based solely on your evaluation of your financial circumstances, investment objectives, risk tolerance, and liquidity needs.

Unless stated otherwise, the web content provided by the CWEB family of companies is for educational purposes only. The information and tools provided neither are, nor should be construed, as an offer, or a solicitation of an offer, to buy or sell securities by CWEB Inc. or its affiliates. Unless stated otherwise, no information presented constitutes a recommendation by CWEB Inc. or its affiliates to buy, sell or hold any security, financial product or instrument discussed therein or to engage in any specific investment strategy.

Full Disclaimer

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.