Uber sells off self-driving car project worth billions

Uber sells of self-driving car project

Uber has finally sold off its self-driving car project in a deal worth billions.

The ride-sharing company began its driverless car division in 2015 as part of the Advanced Technologies Group (ATG). Now, it has sold off this part of their business to Aurora Innovation Inc, a start-up focused on sensors and software for autonomous cars.

The sale came to a total of $4-billion (around R60-billion). This includes a $400-million (around R6-billion) investment by Uber into Aurora at 26% stake.

“By adding the people and technology of Uber’s Advanced Technologies Group to the incredible group we’ve already assembled at Aurora, we’re shifting the landscape of the automated vehicle space,” said Chris Urmson, co-founder and CEO of Aurora in a statement.

“With the addition of ATG, Aurora will have an incredibly strong team and technology, a clear path to several markets, and the resources to deliver. Simply put, Aurora will be the company best positioned to deliver the self-driving products necessary to make transportation and logistics safer, more accessible, and less expensive.”

This means that while Uber is no longer taking on this project itself, should Aurora succeed, they will still reap benefits from some of the profits.

This deal also involved Toyota, which has invested in the ATG, giving Aurora access to one of the biggest car makers in the world.

This is is part of a bigger move by Uber to return focus to its main product, the ride0sharing service.

Picture: Uber