UBER SELLS SELF-DRIVING UNIT

Uber on Monday announced it is selling its self-driving unit to an autonomous vehicles startup and investing $400 million in the company.

Aurora, which is acquiring Uber’s Advanced Technologies Group (ATG), said it’s planning to first focus on trucking, rather than a self-driving taxi in line with Uber’s ride-hailing service. But the company added it is in a “unique position” to be a leading player in passenger mobility based on the deal with Uber.

“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,” Chris Urmson, co-founder and CEO of Aurora, said 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.”

Uber CEO Dara Khosrowshahi said in a statement he is looking forward to bringing Aurora’s products to the Uber network “in the years ahead.”

Khosrowshahi will also join Aurora’s board of directors.

The companies did not disclose the financial components of the deal, which was valued at $4 billion, according to people familiar with the matter cited by Reuters.