Driverless Car Development Sets Ablaze a Bonfire of Billions
[ad_1]
Following the money and the footsteps leaving the autonomous-vehicle industry.
Autonomous vehicle companies and suppliers have collectively spent around $75 billion developing self-driving technology, with scant sign of meaningful revenue emerging from robo-car services after all that cash incineration. This has spelled disaster for Aurora Innovation, TuSimple Holdings and Embark Technology, whose shares have each plunged at least 80% this year. It's no wonder Intel just slashed the targeted valuation for its autonomous-driving business Mobileye to about $16 billion, a fraction of the more than $50 billion it reportedly had in mind 10 months ago. Cruise, owned by General Motors, raised money at a roughly $30 billion valuation early last year. In March, GM bought out SoftBank...