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Uber urged to scrap all driverless efforts
Release on :2018-08-16
Uber is being urged by investors to scrap its autonomous driving unit called its Advanced Technologies Group, reports Reuters.
The unit is reported to have lost between $750 million and $1.2 billion in the last six quarters.
Earlier this month Uber announced it was withdrawing from its autonomous truck driving operation.
Two years ago Uber paid $600 million for the autonomous truck driving start-up Otto.
Last February, Uber transferred $244 million worth of shares to Waymo to settle a lawsuit relating to alleged theft of autonomous driving technology which had arisen from the Otto purchase.
Last April a new CEO, Dara Khosrowshahi, took over at Uber and is thought to be preparing it for an IPO by reducing its losses which were running at $1 billion a quarter. The effort is going slowly, in its last reported quarter – ending June 30 – it lost $891 million.
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