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Uber sells self-driving vehicle unit to Aurora

Uber will sell its self-driving vehicle unit to Aurora Innovation Inc and get a stake in the start-up. The car-sharing firm focused on making quarterly profits next year after the pandemic harmed its revenue. Autonomous taxi fleet withdrew from its vision.

In exchange for investing $ 400 million in Aurora, Uber will reportedly hold a 26 percent stake in the company.

After the damage caused by the Corona virus outbreak on its revenues, Uber focused on profitability and decided to sell its driverless vehicle unit. The company handed over the driverless vehicle unit to the Aurora Innovation and acquired shares in this start-up. The deal will increase Aurora’s valuation to $ 10 billion. With an investment of $ 400 million, Uber will own a 26 percent stake in the company.

Under the agreement, Uber CEO Dara Khosrowshahi and an Uber official whose name will announced later will also be on Aurora’s board of directors. Uber’s handover of the driverless vehicle unit is expected to be completed in the first quarter of next year. With the agreement, autonomous vehicles to developed by Aurora will first be included in Uber’s fleet.

Earlier this year, Uber transferred its cycling unit to Lime, another unit generating cash outflow from the company.

Written by Maraaz

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