Amazon in Advanced Talks to Buy Self-Driving-Car Tech Company Zoox
May 26 2020 - 07:53PM
Dow Jones News
By Cara Lombardo and Tim Higgins
Amazon.com Inc. is in advanced talks to buy Zoox Inc. in a move
that would expand the e-commerce giant's reach in
autonomous-vehicle technology.
The companies are discussing a deal that would value Zoox at
less than the $3.2 billion it achieved in a funding round in 2018,
according to people familiar with the matter. An agreement may be
weeks away and the discussions could still fall apart, one of the
people cautioned.
Zoox, founded in 2014, has been working to develop the hardware
and software needed to create electric-powered, robot taxis that
would be summoned by smartphone app starting this year.
A successful deal could give new life to a once-high-profile
startup that has seen its fortunes dim as it struggled to raise
money.
Amazon a few years ago created a team devoted to
driverless-vehicle technology, motivated in part by a push to
transport more of its goods itself. It has made several investments
in the area, including last year when it participated in
autonomous-technology firm Aurora Innovation Inc.'s $530 million
funding round.
(More to come)
Write to Cara Lombardo at cara.lombardo@wsj.com and Tim Higgins
at Tim.Higgins@WSJ.com
(END) Dow Jones Newswires
May 26, 2020 20:38 ET (00:38 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Amazon.com (NASDAQ:AMZN)
Historical Stock Chart
From Feb 2024 to Mar 2024
Amazon.com (NASDAQ:AMZN)
Historical Stock Chart
From Mar 2023 to Mar 2024