Uber Pours $457 Million Into Self-Driving and Flying Cars Ahead of IPO
Uber's IPO prospectus reveals a massive $457 million investment in autonomous vehicles and flying cars last year. Despite this heavy spending, the company admits it will rely heavily on human drivers for the foreseeable future.
Uber spends $457 million on research and development for autonomous vehicles and flying cars in 2018, according to its newly filed IPO prospectus. This massive investment accounts for one-third of the company's total $1.5 billion R&D budget and highlights its commitment to futuristic technology as it prepares to go public next month on the New York Stock Exchange.
Despite the heavy financial commitment to its Advanced Technologies Group and Uber Elevate divisions, the company strikes a conservative tone about the timeline for deploying these innovations. Uber now expects a long period of "hybrid autonomy" rather than a rapid transition, marking a stark contrast to previous statements from former leadership that viewed self-driving tech as an immediate existential necessity.
The transportation giant insists that human drivers remain the core of its business for the foreseeable future. Even as autonomous vehicles gradually enter the fleet for simple, well-mapped routes in good weather, Uber plans to rely on human drivers to handle complex traffic, unusual weather, and high-demand surge events like concerts and sporting games.