Yandex Takes 73% Stake in Spun-Off Self-Driving Division
Yandex and Uber agree to spin off their self-driving vehicles business into a new entity called Yandex SDG. Yandex increases its ownership to 73% and invests an additional $150 million into the autonomous driving technology.
Yandex and Uber officially agree to spin off their self-driving vehicles business from their existing ride-hailing and foodtech joint venture. The newly formed entity, Yandex SDG, operates as a direct subsidiary shared between the two parent companies. Yandex moves the financial reporting for this division into its "Other Bets and Experiments" segment.
As part of the restructuring, Yandex invests an additional $150 million into the new company through a combination of equity and a convertible loan. Yandex also purchases a portion of Uber's stake, which results in Yandex holding a 73% majority share. Uber retains a 19% stake, while the remaining 8% is reserved for Yandex SDG management and employees.
This strategic move allows Yandex to heavily fund the continued research and productization of its autonomous mobility technology. The company currently operates a fleet of 130 self-driving cars that drive over four million autonomous miles across Russia, Israel, and the United States. Additionally, Yandex continues to develop Yandex.Rover, an autonomous delivery robot designed to automate last-mile package delivery.