Uber Burned $20 Million Monthly on Unrealistic Self-Driving Goals
Newly unsealed court documents reveal that Uber spends a massive $20 million a month on its self-driving division while chasing highly speculative targets of 75,000 autonomous vehicles.
Unsealed court documents show that Uber burns $20 million a month on its self-driving car unit as it chases highly ambitious targets. Internal presentations from 2016, known as Project Rubicon, outline plans to put 75,000 autonomous vehicles on the road this year and launch driverless taxi services in 13 cities by 2022.
The current head of Uber's self-driving technologies admits that these original estimates are "highly speculative" and represent mere assumptions rather than concrete plans. As Uber prepares for its upcoming initial public offering, these massive monthly expenditures highlight a desperate push to develop technology that the company's founder considers existential to its future.
These financial details emerge from an expert report created during Uber's legal battle with Waymo over alleged trade secret theft. The report reveals the staggering costs associated with Uber's rushed autonomy program, providing a stark contrast to the actual progress the company achieves in the competitive self-driving market.