Uber Invests Nearly $500 Million in Self-Driving Startup Nuro for Robotaxi Development
Exclusive-Uber's commitment to self-driving startup Nuro is close to $500 million, sources say
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Uber is set to invest close to $500 million in Nuro, a self-driving startup, as part of a partnership to develop commercial robotaxis. This investment follows Nuro's previous funding rounds and aims to accelerate the rollout of autonomous vehicles, with initial tests planned for later this year.
- 01Uber's financial commitment to Nuro includes a three-way partnership with Lucid to deploy 35,000 robotaxis.
- 02Nuro's valuation reached $6 billion following a $203 million funding round, in which Uber participated.
- 03Uber's investment comprises an initial funding and a follow-on investment contingent on development milestones.
- 04Nuro is transitioning from small delivery bots to licensing its self-driving technology to automotive companies.
- 05The company has received permits to test autonomous vehicles in California and plans to launch passenger services in the San Francisco Bay Area.
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Uber has committed nearly $500 million to Nuro, a self-driving startup, as part of a significant investment aimed at advancing the development of commercial robotaxis. This partnership also includes a collaboration with electric vehicle manufacturer Lucid to deploy 35,000 robotaxis using Lucid's Gravity SUVs. Previously, Uber had invested $500 million in Lucid and participated in a $203 million funding round for Nuro, which valued the startup at $6 billion. Nuro's funding is crucial as it transitions from developing small delivery bots to licensing its self-driving software to automotive manufacturers. The investment involves milestones related to testing driverless vehicles and carrying passengers, with initial tests expected to begin later this year in the San Francisco Bay Area. Nuro has already received permits to test autonomous vehicles without safety drivers in some areas of California. This funding will support Nuro as it works to validate its technology on a commercial scale.
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The investment will enhance the development of autonomous vehicle technology, potentially leading to increased job opportunities in tech and transportation sectors.
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