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Uber May Spin Off Autonomous Car Unit
Ride-hailing service Uber Technologies Inc. is pondering a move to spin off its self-driving-car development unit, sources tell the Financial Times.
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Ride-hailing service Uber Technologies Inc. is pondering a move to spin off its self-driving-car development unit, sources tell the Financial Times.
Would-be investors have expressed interest in Uber’s Advanced Technologies Group, according to the newspaper. It says Uber would retain operational control and majority ownership of ATG but gain financial support to help cover the cost of developing automated-driving technologies.
One of FT’s sources says the unit is spending $500 million per year. Some investors are pushing Uber to shed the operation, noting that competitors such as Alphabet Inc.’s Waymo unit are significantly ahead on development work.
ATG’s work has fallen further behind since its road test were suspended in March after an Uber test car killed a pedestrian. The company resumed limited tests on public roads in Pittsburgh in July.
Uber CEO Dara Khosrowshahi has resisted an outright divestiture. The company attracted a $500 million investment by Toyota Motor Corp. last month to collaborate on autonomous-driving technologies. ATG also has announced plans to create a $154 million autonomy research facility in Toronto.
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