Autonomous Vehicles has been one of the biggest goals of companies since AI came into the picture. Even though a lot of companies are losing patience in making one on the road, other companies such as Google, Ford, and this time Yandex and Uber are getting really serious about it.
Yandex, the multinational Russian company, is teaming up with Uber again to take off its self-driving car on the U.S. road. Yandex NV will have more control over its joint venture into a separate company with Uber.
The largest internet company in Russia stated on Friday that it is investing $150 million to Yandex Self-Driving Group BV. As a result, it will be having a new unit division for self-driving led by Dmitry Polishchuk and the CEO of the new division.
Yandex will also acquire part of Uber’s stake giving the Russian company a 73% ownership of the division and 19% for Uber. And the remaining will be reserved for the management unit.
In a separate statement, Yandex said that its car-sharing business is contributing to JV known as MLU BV, which will include ride-hailing and food delivery. Uber now has a 33.5% MLU stake comparing to it 37% as of June 30.
In this case, the internet company of Russia will have the upper hand to navigate the business. It will also have the advantage of developing the self-driving car freely.
It was in 2017 when Yandex entered in the world of the self-driving business, which leads it to operate 130 autonomous car. Its self-driving vehicles have been tested on the roads of Russia, Israel, and the U.S., traveling four million miles.
“We firmly believe in the future of autonomous mobility as a safe and cost-effective form of transportation with a vast addressable market. The additional capital that we are investing in SDG will allow it to continue to pursue the R&D and productization of autonomous mobility,” said Arkady Volozh, Yandex CEO.