Perhaps the best-known ridesharing service, Uber has grown rapidly over the last decade. Since its founding in 2009, it has expanded into markets around the globe, and entered the world of food delivery and even helicopter transport.
One of the main headline research areas for the company was the development of autonomous cars, which would revolutionize the company’s business model by eliminating the need to pay human drivers. However, as of December, the company has announced that it it spinning off its driverless car division in a deal reportedly worth $4 billion, though that’s all on paper — Uber is trading its autonomous driving division, and a promise to invest a further $400 million, in return for a 26% share in the self-driving tech company Aurora Innovation.
Playing A Long Game
Uber’s self-driving efforts have been undertaken in close partnership with Volvo in recent years.
Uber’s driverless car research was handled by the internal Advanced Technologies Group, made up of 1,200 employees dedicated to working on the new technology. The push to eliminate human drivers from the ride-sharing business model was a major consideration for investors of Uber’s Initial Public Offering on the NYSE in 2019. The company is yet to post a profit, and reducing the amount of fares going to human drivers would make it much easier for the company to achieve that crucial goal.
However, Uber’s efforts have not been without incident. Tragically, in 2018, a development vehicle running in autonomous mode hit and killed a pedestrian in Tempe, Arizona. This marked the first pedestrian fatality caused by an autonomous car ..
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