Self-Driving Trucks Overtake Demand For Autonomous Cars In The Pandemic
Image via Aurora
Once blitzed with the exciting new prospect of self-driving cars, investors are now turning their sights onto autonomous trucking and logistics. While AI cars are still in a tentative market, there’s certainly more potential in shipping and e-commerce, thanks to the pandemic.
“There’s no question that investors are realizing the broader and potentially near-term opportunity with automated logistics,” Asad Hussain, PitchBook mobility analyst, tells Axios.
In the first half of this year, the autonomous trucking industry hit a record US$5.6 billion from investors. In comparison to a 12% rise in valuations of the four largest robotaxi companies, a 54% rise was reported in the four largest trucking companies, according to PitchBook.
Aurora Innovations was the latest company to go public, announcing its merger with Reinvent Technology Partners Y on Thursday. This deal will earn it around US$2 billion, enough to kickstart the vehicles landing on the road.
The company aims to “deliver self-driving technology safely, quickly, and broadly,” as stated on its website. Its main product, the Aurora Driver, utilizes sensors and machine learning to map out its surroundings and navigates the roads with ease. The Aurora ecosystem not only includes vehicle platforms, but also logistics services, fleet management, and mobility systems like ride-hailing. The company is already in partnership with the Volvo Group, Uber, and Toyota.
“Our goal at Aurora is to make the movement of goods and people more equitable, productive, dependable, and—crucially—much safer than it is today,” said Chris Urmson, Co-Founder and CEO of Aurora, in the press release. “By combining with Reinvent and with this incredible group of investors, we are even closer to deploying self-driving vehicles and delivering the benefits this technology offers the world.”
It’s likely that the Aurora Driver will kick into action come end 2023.
[via Axios, cover image via Aurora]
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