Uber Achieves Profitability After Giving Up Self-Driving
The alternative taxi service has finally parted ways with its self-driving unitUber, the ride-hailing company, has been notorious for losing money. Since 2014, they have built up over thirty billion in operating losses. Just four years ago, analysts were saying that self-driving cars were the key to Uber’s future profitability. However, in December 2020, Uber finally gave up the dream and sold its self-driving unit to the startup self-driving company Aurora. This eliminated one of Uber’s biggest cash-burns. The Advanced Technology Group, the name of Uber’s self-driving unit, was draining $500 million from the company each year. Overall, the company probably spent well over $2 billion on self-driving, which some of Uber’s early investors (such as Bill Gurley) think was ultimately wasted spending. This last quarter Uber has finally been able to turn a profit, Read More ›
