Autos

Amazon spending $1 billion on Zoox, will have to invest billions more

0


Blue Origin and Amazon founder Jeff Bezos.

Mandel Ngan | AFP | Getty Images

Amazon is shelling out more than $1 billion on self-driving car company Zoox, one of its most expensive acquisitions ever. But CEO Jeff Bezos is going to have to invest many multiples of that to bring the nascent technology to market.

The deal, which was announced on Friday and had been in the works for months prior, pits Amazon squarely against Alphabet spinout Waymo, GM’s Cruise, Uber, Tesla and even Apple, which is doing its best to keep its self-driving project secretive. Waymo raised $2.25 billion in outside funding in March, its first external financing, in preparation for the long haul.

Autonomous driving is a…



Source cnbc.com

Albertsons CEO says IPO is ‘a great accomplishment’ amid coronavirus pandemic

Previous article

Forbearance rise erases roughly half of improvement seen since peak: Expert

Next article

You may also like

Leave a Reply

avatar
  Subscribe  
Notify of

More in Autos