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Autonomous Vehicles Uber/Lyft

Uber’s Losses Mount at Self-Driving Car Unit

Uber has been spending between $125 million and $200 million a quarter on its self-driving car unit over the past 18 months, The Information has learned, equivalent to between 15% and 30% of the company’s quarterly losses. The previously undisclosed spending highlights the financial burden that self-driving car development has imposed on Uber and why CEO Dara Khosrowshahi is under pressure to decide what to do about it.

Some investors have told Uber officials that it may be wise to divest the self-driving car unit, said a person familiar with the issue. Uber has invested least $2 billion in the unit over the past three years. Yet the company hasn’t yet come up with a clear path to commercializing the technology it has developed.

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The argument against selling the autonomous unit would be that Uber needs to have a way to develop self-driving cars if other companies won’t partner with it.