financetom
Business
financetom
/
Business
/
Motional to pause robotaxi deployments with Uber, Lyft
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Motional to pause robotaxi deployments with Uber, Lyft
May 7, 2024 10:41 AM

May 7 (Reuters) - Self-driving technology company

Motional said on Tuesday it will pause robotaxi deployments with

ride-hailing firms Uber Technologies ( UBER ) and Lyft ( LYFT ),

while it lays off staff as part of its restructuring process to

focus on technology development.

The development comes ahead of electric carmaker Tesla's

unveiling of its robotaxi, dubbed "Cybercab", on Aug. 8

and as legacy automakers limit spending on expensive autonomous

driving technology in the face of regulatory and safety hurdles.

Motional said it has completed more than 100,000 autonomous

rides in Las Vegas and food deliveries in Los Angeles.

"Large-scale driverless deployment will not happen

overnight. Driverless vehicles will enter the market when the

technology has evolved and - just as importantly - when the

business case for autonomous deployment is clear," CEO Karl

Iagnemma said in a blog post.

Motional said in a statement it expects "to resume

commercial deployments once the unit economics are more

favorable".

Lyft ( LYFT ) and Uber ( UBER ) did not immediately respond to requests for

comment on the pause of their partnerships with Motional.

Auto parts supplier Aptiv ( APTV ) said last week it would

sell its stake in Motional, its joint venture with Hyundai Motor ( HYMTF )

, while the Korean automaker will fund the startup

with additional $475 million.

Last month, OpenAI and Khosla Ventures-backed Ghost Autonomy

said it was winding down operations, citing an uncertain path to

long-term profitability.

As part of Motional's restructuring process, the startup

said it would reduce workforce, focus resources on developing

and generalizing its driverless technology "while de-emphasizing

near-term commercial deployments and ancillary activities".

The company declined to provide the numbers of employees to

be laid off, but said roles across locations and functions were

impacted.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
BRIEF-Eastern International Ltd Files For Us IPO -SEC Filing
BRIEF-Eastern International Ltd Files For Us IPO -SEC Filing
Sep 5, 2024
Sept 3 (Reuters) - * EASTERN INTERNATIONAL LTD FILES FOR US IPO -SEC FILING * EASTERN INTERNATIONAL LTD SAYS INITIAL PUBLIC OFFERING PRICE OF SHARES TO BE IN RANGE OF $4 TO $5 PER ORDINARY SHARE- SEC FILING * EASTERN INTERNATIONAL LTD- WILL APPLY TO HAVE ORDINARY SHARES LISTED ON NASDAQ; HAVE RESERVED TRADING SYMBOL ELOG FOR LISTING ON NASDAQ...
Japan's top business lobby says it hopes review of Nippon's bid for US Steel will be held fairly
Japan's top business lobby says it hopes review of Nippon's bid for US Steel will be held fairly
Sep 5, 2024
TOKYO, Sept 6 (Reuters) - Japan's biggest business lobby Keidanren said on Friday that the proposed acquisition of U.S. Steel by Nippon Steel ( NISTF ) has garnered significant interest among Japanese companies, especially those considering investing in the U.S. We sincerely hope that the review procedure (in the United States) will be conducted with the utmost integrity and fairness...
Augusta Gold Reports Feasibility Study Results for Reward Project in Nevada, Initiates Strategic Process
Augusta Gold Reports Feasibility Study Results for Reward Project in Nevada, Initiates Strategic Process
Sep 5, 2024
08:30 AM EDT, 09/05/2024 (MT Newswires) -- Augusta Gold ( AUGG ) reported Thursday the results of a feasibility study for its 100% owned and construction-ready Reward project in Nevada. Among highlights, the study outlined proven and probable reserves of near 15.1 million tons grading 0.025 ounces per ton of gold for 370,000 ounces of contained gold. The project is...
Sector Update: Consumer
Sector Update: Consumer
Sep 5, 2024
08:49 AM EDT, 09/05/2024 (MT Newswires) -- Consumer stocks advanced pre-bell Thursday with the Consumer Staples Select Sector SPDR Fund (XLP) up 0.3% and the Consumer Discretionary Select Sector SPDR Fund (XLY) 0.8% higher recently. BRC (BRCC) shares were up over 3% amid a sales and distribution agreement with Keurig Dr Pepper ( KDP ) under which the latter will...
Copyright 2023-2026 - www.financetom.com All Rights Reserved