Uber to Induct 24000 Volvo Self Driving Cars by 2019

Volvo Self Driving Car

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The most top things in the tech world are discussing on self-driving cars on road. Recently we heard about Waymo carrying test on roads. Now here is one more to go, as Uber is joining hands with Volvo in order to bring driverless cabs for their users.

We are somewhere eagerly waiting for these days to come soon where we are having a ride with self-driving cars. On one side, Uber is planning to bring 24000 Volvo self-driving cars on road and on another side we all have a question – isn’t it a big deal? Then the answer would be absolute yes, as this negotiation has a huge investment of approximately $600 million.

Uber’s Advanced Technologies Group is still working on this autonomous driving system. The news obtained from sources state that Uber will be bringing XC90 SUVs equipped with autonomous technology as part of a non-exclusive deal from 2019 to 2021. A new Volvo XC90 cost around $50,000.

Uber is testing prototype Volvo cars for more than a year. This car will be equipped with the autonomous driving system with a safety driver in front seat. The safety driver would be managing the control if the self-driving system fails due to unfortunate conditions.

Jeff Miller who is Uber’s head of automotive alliances, said: “Our goal was from day one to make investments into a vehicle that could be manufactured at scale. It only becomes a commercial business when you can remove that vehicle operator from the equation.”

Uber has not yet come out with an official statement regarding the financial details regarding this giant deal. But Miller revealed in his statement that the company will purchase a small number of cars using equity and others would be bought using debt financing.

Finally, it’s clear that it is going to be one of the biggest deal for Uber. It involves not only huge investment but also involves plenty of risks at the same time. But if this deal goes well then the company will surely be going to earn huge over this. Let’s wish the best luck to this company and hope they live up to users expectations.

Source: Reuters

Uber to Induct 24000 Volvo Self Driving Cars by 2019