Toyota, Denso team with Aurora on self-driving cars for Uber, others

DETROIT (Reuters) - Toyota Motor Corp and longtime supplier partner Denso Corp will team up with self-driving car startup Aurora to develop and build autonomous minivans for ride hailing networks, the companies said on Tuesday. The deal gives San Francisco-based Aurora a clearer path to profitability as it competes with Alphabet Inc's Waymo, General Motors Co's majority-owned Cruise and Argo AI, whose principal investors are Ford Motor Co and Volkswagen AG. Toyota Sienna minivans will be equipped with Aurora’s self-driving system, with a test fleet to be deployed by the end of 2021.

Reuters February 10, 2021 00:07:20 IST
Toyota, Denso team with Aurora on self-driving cars for Uber, others

Toyota Denso team with Aurora on selfdriving cars for Uber others

DETROIT (Reuters) - Toyota Motor Corp and longtime supplier partner Denso Corp will team up with self-driving car startup Aurora to develop and build autonomous minivans for ride hailing networks, the companies said on Tuesday.

The deal gives San Francisco-based Aurora a clearer path to profitability as it competes with Alphabet Inc's Waymo, General Motors Co's majority-owned Cruise and Argo AI, whose principal investors are Ford Motor Co and Volkswagen AG.

Toyota Sienna minivans will be equipped with Aurora’s self-driving system, with a test fleet to be deployed by the end of 2021. The plan is to deploy the vehicles some time after that in Uber Technologies' ride-hailing fleet and those of unspecified other companies.

In December, Aurora said it was buying Uber’s self-driving unit, the Advanced Technologies Group (Uber ATG), in a deal valued at $4 billion, well below ATG’s earlier valuation of $7.25 billion.

Toyota and Denso were investors in Uber ATG, along with Japan’s SoftBank Group. Toyota was working with Uber ATG to develop a self-driving system to be deployed on the Sienna, according to ATG executives.

Aurora’s new agreement with Toyota and Denso expands on the earlier collaboration between the two Japanese companies and Uber ATG. Toyota remains an investor in Uber and transferred its equity stake from ATG to Aurora as part of the December transaction, according to a source familiar with the deal.

As part of the December transaction involving ATG, Uber agreed to invest $400 million in Aurora, in a deal that values Aurora at $10 billion. The two companies agreed to collaborate on self-driving vehicles for Uber’s ride hailing and food delivery networks.

Aurora said it will explore with Denso the mass production of self-driving components, and with Toyota the development of mobility services, including financing, insurance and maintenance.

Aurora also has a deal with heavy-truck maker PACCAR to develop self-driving systems for long-haul freight delivery.

Earlier, Aurora had development pacts with Volkswagen and Hyundai Motor. VW eventually bought a significant stake in Argo, while Hyundai formed a joint venture called Motional with supplier Aptiv to develop self-driving vehicles for robotaxi fleets.

(Reporting by Paul Lienert; Editing by Bernadette Baum)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

Subscribe to Moneycontrol Pro at ₹499 for the first year. Use code PRO499. Limited period offer. *T&C apply

also read

Robinhood now a go-to for young investors and short sellers
Business

Robinhood now a go-to for young investors and short sellers

By John McCrank NEW YORK (Reuters) - Robinhood, the online brokerage used by many retail traders to pile in to heavily shorted stocks like GameStop Corp, has made an ambitious push into loaning out its clients' shares to short sellers as it expands its business. The broker had $1.9 billion in shares loaned out as of Dec. 31, nearly three times the $674 million a year earlier, and it was permitted to lend out $4.6 billion worth of securities under margin agreements, around five times bigger than the prior year, according to an annual regulatory filing late on Monday

Wall Street mixed as Apple and Tesla retreat
Business

Wall Street mixed as Apple and Tesla retreat

By Noel Randewich (Reuters) - Wall Street was mixed on Tuesday, with Apple and Tesla losing ground, while materials and energy companies climbed as investors looked toward the U.S. Congress approving another stimulus package.

Biden's SEC nominee vows review of GameStop trading issues, climate disclosures
Business

Biden's SEC nominee vows review of GameStop trading issues, climate disclosures

By Pete Schroeder and Chris Prentice WASHINGTON (Reuters) - U.S. President Joe Biden's pick to head a key market regulator promised on Tuesday a thorough review of issues raised by the GameStop Corp stock frenzy and suggested companies may have to disclose their potential risks from climate change