Aurora says it has enough cash to commercialize autonomous trucks by 2024

News Summary

  • If the startup were able to maintain a $200 million net loss starting in the fourth quarter until the first quarter of 2024, it wouldn’t need to raise more cash before commercial launch.
  • In the third quarter, Aurora recognized about $3 million in collaboration revenue from Toyota.Aurora unveils fleet management platform to optimize autonomous operations
  • Aurora will need to find efficiencies across the board.The leaked memo also outlined an array of cost-cutting and cash-generating options to Aurora’s board, including a hiring freeze, potential layoffs, spinning out assets, going private and even selling itself to high-profile tech companies.
  • Instead, the automakers are putting more resources to advanced driver assistance systems, technology that promises to deliver revenue in the near term.A consolidating AV industry and a shift towards ADAS has been underway for nearly two years.
  • The company plans to launch commercial self-driving truck operation in late 2024.Wall Street responded favorably to Aurora’s attempts to calm investors.
  • But the company is also working with Toyota to eventually launch a subscription service for the ride-hailing market.
Autonomous vehicle technology company Aurora Innovation released its thirdquarter earnings report after the bell Wednesday. The company closed out the quarter with about $1.2 billion in cash and sho [+2930 chars]