Home > Mechanical > Automotive > Uber Surrenders On Driverless Tech

Uber Surrenders On Driverless Tech

Uber is divesting its driverless car unit – the Advanced Technologies Group –  to startup company Aurora which is backed by Amazon and Sequoia.

There is no price being paid for the deal. Instead Uber is to invest $400 million in Aurora and transfer its driverless technology to Aurora in return for a 26% stake in Aurora.

Only last year the Uber Advanced Technologies Group got a $1 billion investment from Toyota, Denso and Softbank’s Vision Fund which valued the ATG at $7.25 billion.

Uber has long looked to develop driverless taxis which would make its taxi service profitable. However Uber’s driverless technology has lagged Waymo’s and involved it in an unsuccessful legal scrap with Waymo’s owner Google.

Uber was motivated to stay in the driverless development by the threat of Waymo getting to driverless taxis first and being able to undercut Uber in the taxi business.

Source: electronicsweekly

Total Views: 65 ,
0
0
READ ALSO  How To Spot Sub-Standard Solar Components - PPC

Leave a Reply

Your email address will not be published.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