Uber’s has confirmed it will spin out its self-driving car business after the unit closed $1 billion in funding from Toyota, auto-parts maker Denso and SoftBank’s Vision Fund. The development has been speculated for some time — as far back as October — and it serves to both remove a deeply-unprofitable unit from the main Uber business: helping Uber scale back some of its losses, while giving Uber’s Advanced Technologies Group (known as Uber ATG) more freedom to focus on the tough challenge of bringing autonomous vehicles to market. The deal values Uber ATG at $7.25 billion, the companies announced.

BING NEWS:
  • Hyundai is spending close to $1B to keep self-driving startup Motional alive
    Hyundai has agreed to spend nearly $1 billion on Motional, an investment that will give the automaker a majority stake while providing the self-driving startup with the ... split its business with the ...
    05/2/2024 - 5:48 am | View Link
  • More

 

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