Economy

Self-driving startup nuTonomy bought by Delphi for $400 million

Self-driving startup nuTonomy bought by Delphi for $400 million”

Delphi Automotive (DLPH +0.3%) announces the acquisition of nuTonomy for an upfront purchase price of $400M and earn-outs totaling about $50M.

Founded out of Cambridge, Massachusetts in 2013, NuTonomy spun out from the Massachusetts Institute of Technology (MIT) to focus on self-driving vehicles and mobile robots. The core thought behind this purchase is to accelerate the pace of developing autonomous vehicles with Delphi. De Vos sees the technology accelerating into the commercial space and then bleeding over into consumer vehicles over time. "This [purchasing Nutonomy] helps us deliver at scale", he noted. Delphi, a former General Motors unit now headquartered in Britain, said the deal was valued at $400 million, with another $50 million possible in incentive payments.

United Kingdom -based Delphi is no stranger to self-driving auto tech, and it has actively been working with Intel on some autonomous vehicle smarts, as well as recently investing in lidar startup Innoviz Technologies. NuTonomy CEO Karl Iagnemma said today's deal puts his company and Delphi on the path to winning that race. "Joining forces with Delphi brings us one step closer to achieving our goal with a market-leading partner whose vision directly aligns with ours".

Automotive equipment maker Delphi said Tuesday it was acquiring United States university spinoff nuTonomy in a move to bolster its technology for self-driving vehicles. The two companies started talking a few months back after Delphi starting looking to scale its autonomous vehicle operations.

NuTonomy will remain in Boston and will maintain partnerships with French automaker PSA Group and ride-hailing provider Lyft. "There's no question that in commercial sector, that automated mobility on demand, logistics on demand, commercial services, transportation services - this is an area where automated driving has really accelerated".



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