Uber sells its self-driving car business for $4 billion

DM

Uber is out of the self-driving vehicle game. The ride-hail giant on Monday announced that it sold its Advanced Technologies Group to self-driving car startup Aurora for $4 billion, ridding itself of a source of major cash burn. Along with the sale — which represents a major discount from the $7.25 billion valuation the division had just last year — Uber will invest $400 million in Aurora, giving it a 26 percent stake in the company. Uber and Aurora will additionally enter into a deal to launch self-driving vehicles on Uber’s ride-hailing network, the companies said. The sale will accelerate Uber’s goal to achieve profitability on an adjusted basis by the end of 2021, CEO Dara Khosrowshahi told Reuters.

Notifications - Subscriptions
Notify of
0 Comments
Inline Feedbacks
View all comments
0
Would love your thoughts, please comment.x
()
x