Uber Sells Off Self-Driving and Flying Taxi Units
takyon writes:
Uber sells its self-driving unit to Aurora
Uber's self-driving unit, Advanced Technologies Group (ATG), is being acquired by its start-up competitor Aurora Innovation, the companies announced Monday.
The deal, expected to close in the first quarter of 2021, values ATG at approximately $4 billion. The unit was valued at $7.25 billion in Apr. 2019 when Softbank, Denso and Toyota took a stake.
[...] Uber's co-founder and former CEO Travis Kalanick had viewed self-driving as an essential investment, saying in 2016 he believed the world would shift to autonomous vehicles. ATG had been a long-term play for Uber, but the unit brought high costs and safety challenges. Throughout the course of a pandemic-stricken year, Uber has made efforts to stem losses in its ride hailing business, control business costs -- including with major layoffs in the spring -- and to grow its delivery business.
Uber is also reportedly selling its flying taxi division to Joby Aviation, presumably putting an end to its involvement with the U.S. Army.
Uber has been scaling back its driverless car efforts since it caused the death of a pedestrian in 2018. Uber has never had a profitable quarter.
Also at NYT, Ars Technica, TechCrunch, and The Verge.
Previously: The Fall of Uber CEO Travis Kalanick
Uber Pulls Self-Driving Cars After First Fatal Crash of Autonomous Vehicle
Uber Shutting Down Self-Driving Truck Division
Uber Allegedly Ignored Safety Warnings Before Self-Driving Fatality
Will Car Ownership Soon Become "Quaint"?
Uber Freezes Engineering Hires Amid Mounting Losses
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