NEW YORK - Uber Technologies Inc expects it will be a long time before one of its biggest investments, self-driving cars, is ready for wide-scale deployment, a senior scientist said on Monday, as the ride-sharing firm gears up to go public.
The more cautious tone marks a change from three years ago, when Uber embraced aggressive tactics to turbocharge its autonomous vehicle development in a bid to get more robot taxis on the street driving more miles. The company had been seen as an industry leader in the technology until one of its autonomous SUVs killed a pedestrian in Tempe, Arizona, in March last year.
Uber, last valued at $76 billion in the private market, is seeking a valuation as high as $120 billion in its IPO and may kick off its investor roadshow before the end of April, Reuters has reported. The business of building self-driving cars is extraordinarily expensive and the timeframe to payoff is increasingly uncertain. However, some consider Uber's ability to successfully navigate the transition to autonomous vehicles as crucial to the company's long-term financial prospects.
After the fatal Arizona crash, Uber removed its autonomous cars from the road, laid off hundreds of test drivers and shuttered operations in Arizona, its testing hub. Uber resumed very limited testing on public roads in Pittsburgh in December.
Car Car Latest News, Car Car Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »