Dec 8, 2020

Uber sheds self-driving cars to prioritise profits

Uber is selling its driverless car subsidiary to start-up Aurora Technologies, shedding a unit that Uber's founder once hailed as critical to the future of the firm. Despite the sale of its driverless car subsidiary known as Advanced Technologies Group, Uber said it remained interested in the sector, with plans to collaborate with Aurora when it comes to launching driverless cars on its network. Developing driverless technology was a key priority when Uber's founder and former chief executive Travis Kalanick was leading the ride hailing firm, since he saw it as a way to reduce costs. Mr Khosrowshahi, who replaced Mr Kalanick as the boss of Uber in 2017, has refocused the firm on taxi and food delivery services as he pushes to make Uber profitable. The deal with Aurora values Uber's Advanced Technologies Group at roughly $4bn, down from the $7.5bn it was estimated to be worth last year, according to Reuters.

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