There’s a healthy demand for driverless trucks. It’s an industry predicted to reach 6,700 units globally, totaling $54.23 billion this year, and one that stands to save the logistics and shipping industry $70 billion annually while boosting productivity by 30 percent. Besides cost savings, the growth is driven in part by a shortage of human drivers. In 2018,… Continue reading Driverless truck startup TuSimple raises $95 million at $1 billion valuation – VentureBeat
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Self-driving truck start-up achieves unicorn status in funding round that values it at $1 billion
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A self-driving TuSimple truck is on display during 2018 World Artificial Intelligence Conference in Shanghai, China.
Autonomous trucking company TuSimple has achieved unicorn status on Wall Street with a fresh funding round that values the start-up at $1 billion.
The company said Wednesday it raised $95 million in a series D funding led by Sina Corp. and Composite Capital, a Hong Kong-based investment firm, as it prepares to expand its testing of self-driving semis on highways in Arizona, New Mexico and Texas.
“By the end of 2020 or early 2021 we think we think we can take the driver out of the cab on trucks,” said Chuck Price, chief product officer of TuSimple.
San Diego-based TuSimple is developing technology to allow shipping companies to operate self-driving class 8 tractor-trailers, potentially eliminating the need for drivers, the biggest expense facing trucking firms today, especially in a tight labor market. On average, shipping firms spend $2 per mile hauling goods, a cost TuSimple believes it could cut by 30 percent by eliminating the driver with autonomous trucks.
The money will help TuSimple expand its fleet of 12 test trucks to more than 50 by June. The company is currently testing autonomous semis on routes between Phoenix and Dallas.”
The extra cash will also help the company develop joint production of autonomous semis with truck manufacturers. TuSimple is currently working with two tractor-trailer makers, which it is not naming.
There are just under 3.5 million semis on the road in the U.S., according the American Trucking Association. They are the heartbeat of an $800 billion freight shipping industry TuSimple executives believe will continue growing.
“With e-commerce growing by double digits every year, freight shipping is not slowing down,” said Cheng Lu, CFO of TuSimple
Most of the attention surrounding the development of autonomous vehicles has been focused on self-driving cars and the race to build autonomous ride-hailing companies. Alphabet subsidiary Waymo, General Motors subsidiary Cruise and Uber are just a few of the companies that have dominated headlines with their work on self-driving cars. By comparison, the potential of autonomous semis has not received as much attention.
That could change as TuSimple and others demonstrate tractor-trailers can drive autonomously from shipping depot to shipping depot. “A big milestone will be showing that on one route we can take out the driver completely,” said Price.
TuSimple is not alone in the push to develop self-driving semis. Embark Trucks, Ike, Starsky Robotics, Thor Trucks and Udelv are also working on autonomous trucks.
Correction: This story was revised to correct the date of TuSimple's announcement to Wednesday.
Autonomous truck startup TuSimple hits unicorn status in latest round
Another autonomous-vehicle unicorn has joined the herd. TuSimple, a self-driving truck startup running daily routes for customers in Arizona, has raised $95 million in a Series D funding round led by Sina Corp. as the company prepares to scale up its commercial autonomous fleet to more than 50 trucks by June. The startup, which launched in… Continue reading Autonomous truck startup TuSimple hits unicorn status in latest round
US autonomous truck startup TuSimple raises $95m led by China’s Sina
February 13, 2019 US self-driving truck startup TuSimple said it has raised $95 million in a funding round led by Chinese internet giant Sina Corp, which values the three-year-old firm at $1 billion. The fresh funds, investors of which also include Hong Kong-based investment firm Composite Capital, will be used to expand its commercial fleet… Continue reading US autonomous truck startup TuSimple raises $95m led by China’s Sina
U.S. autonomous truck startup TuSimple raises $95 mln from Sina, others
SHANGHAI (Reuters) – U.S. self-driving truck startup TuSimple said it has raised $95 million in a funding round led by Chinese internet giant Sina Corp, which values the three-year-old firm at $1 billion. The fresh funds, investors of which also include Hong Kong-based investment firm Composite Capital, will be used to expand its commercial fleet… Continue reading U.S. autonomous truck startup TuSimple raises $95 mln from Sina, others
Japanese self-drive cars map developer to acquire US rival Ushr
February 13, 2019 Japanese map platform developer Dynamic Map Platform plans to acquire Detroit-based Ushr for nearly 20 billion yen ($181.1 million) in a bid to cement a stronger position in the burgeoning self driving cars market, the Nikkei newspaper said. Dynamic Map Platform would acquire U.S. map startup Ushr as it seeks a stronger… Continue reading Japanese self-drive cars map developer to acquire US rival Ushr
Lyft Brings on Former Uber Executive as Vice President of Finance Strategy
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Lyft plans to give riders and drivers an electric lift
Lyft car picking up a rider
Lyft is the latest car-sharing company to sign onto an effort to make ride sharing cars more efficient.
The post-millennial taxi service announced that it plans to introduce “thousands” of electric cars onto its platform and make it easy for riders to choose them using a new “Green Mode” in the Lyft app.
“These efforts will provide cleaner transportation options for Lyft riders, and increase net earnings for our driver community. Once adopted widely, EVs hold the promise of making cities more livable by dramatically reducing air pollution,” the company said in a blog post Wednesday.
READ MORE: Uber starts paying drivers to buy electric
The company, which already bills itself as the only ride-sharing service to become carbon neutral after purchasing carbon credits to offset the emissions from its drivers' vehicles, says all the electric cars will be charged using renewable energy.
The Green Mode launched in Seattle on Wednesday and is expected to roll out in other parts of the country later. Riders just select Green Mode in their Lyft app, and only electric Lyfts will show up.
Lyft says that 80 percent of its drivers favor eco-friendly vehicle options, and consistently tell the service they want to increase their profits by lowering fuel costs.
Green Mode on Lyft app
Drivers will be able to rent electric ride-sharing cars through Lyft's Express Drive service. For drivers who choose electric cars, unlimited charging will be included in the weekly rental charge.
Electric cars will be available to drivers through Express Drive immediately in Seattle and Atlanta, and the service plans to roll out electric Lyfts more widely throughout 2019.
CHECK OUT: Uber to bank London surcharge toward electric vehicles for its drivers
Some taxi and ride-sharing drivers have struggled with electric cars when they've found inadequate places to charge or had to spend too long off the road waiting for a charge.
From the standpoint of cities, though, converting taxis and ride-sharing cars to electric power could offer clean-air benefits that are too good to ignore.
Ex-Uber and Ofo exec leaps into bespoke skincare
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