Uber announced on Monday that it would sell its self-driving-car unit to the startupAurora .- Uber said it would also invest $400 million in the company as part of the deal.
- Earlier this year, Uber made a similar move by offloading Jump to Lime as part of an investment in Lime.
- No price tag was disclosed for the self-driving-car deal.
The self-driving-car startup Aurora is buying Uber's Advanced Technologies Group, the companies announced Monday, as the ride-hailing giant grapples with a pandemic-related downturn in its core taxi business.
As part of the deal, Uber will also invest $400 million in Aurora - a move similar to when it $4 while taking a stake in Lime. Aurora and Uber didn't disclose a total price tag for the deal.
Self-driving technology is notoriously expensive when it comes to research and development. In 2019, Uber's ATG brought in $42 million in revenue but $4 to about $500 million in EBITDA losses. Uber also turned to outside investors last year to shore up the unit's finances, $4.
"Few technologies hold as much promise to improve people's lives with safe, accessible, and environmentally friendly
"For the last five years, our phenomenal team at ATG has been at the forefront of this effort - and in joining forces with Aurora, they are now in pole position to deliver on that promise even faster," he continued.
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$4 that Uber had also been in talks to sell Elevate, its flying-taxi project, to Joby Aviation in a separate deal.
Uber shelled out heavily to branch into new markets during the pandemic, which has had $4. It $4 in a deal worth $2.65 billion, and it later $4.
Investors have applauded the moves, sending shares of Uber up more than 73% this year, surpassing its initial-public-offering trades to outperform benchmark market indexes.