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Uber sells its autonomous vehicle division to Aurora Innovation

The transport and mobility company Uber has reached an agreement with Aurora Innovation to sell its autonomous vehicle division, grouped under the name Advanced Technologies Group (ATG), as reported by both companies in separate statements.

The companies have not reported the price of the transaction or whether the payment will be made in cash or shares. However, several US media have assured that the deal is valued at 4,000 million dollars (3,301.6 million euros).

In parallel, Uber has indicated that it will invest 400 million dollars (330.2 million euros) in cash in Aurora. Following the closing of the operation, Uber will own 26% of Aurora’s share capital, so that its CEO, Dara Khosrowshahi, will join Aurora’s board of directors. If ATG’s current investors and their employees are taken into account, the percentage will rise to 40%.

Despite the divestment, both companies plan to sign a collaboration agreement to work together on the launch and commercialization of autonomous vehicles.

Last month, Uber reported that between January and September it had recorded losses of 5,799 million dollars (4,786.5 million euros), which means reducing its negative result recorded in the same period of the year by 21.7% previous.

Until September, Uber’s turnover reached 8,913 million dollars (7,356.8 million euros), 11.5% below the income recorded a year earlier, as a result of the collapse of the passenger transport business, Uber Rides, whose turnover fell by 39.8%, to 4,624 million dollars (3,816.7 million euros).

© 2020 Europa Press.

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