Uber Technologies Inc. sold its self-driving car division to Aurora Innovation Inc. and took a stake in the startup, pulling back from its vision for a fleet of autonomous taxis to focus on turning a quarterly profit next year after the pandemic crushed revenue.
The deal will value Aurora at $10 billion, according to people familiar with the talks who asked not to be identified discussing private information. In exchange for investing $400 million in Aurora, Uber will get a 26% ownership stake in the company. That number increases to 40% when counting the stakes held by the employees and investors of Uber’s autonomous driving division. Uber Chief Executive Officer Dara Khosrowshahi and one other yet-to-be-named person representing Uber will join Aurora’s board.