Pittsburgh-based autonomous vehicle technology startup Aurora Innovation Inc. AUR said earlier this week that it is now looking to deploy its autonomous trucks in commercial operations in April 2025, later than expected, as it needs more time to validate the safety of its autonomous driving technology on public roads.
What Happened: “With additional visibility on the time needed to complete the aforementioned remaining validation, we now expect to launch commercially in April 2025,” company CEO Chris Urmson said in a letter to shareholders.
“While this is modestly later than we had intended, this timing remains within the margin of error we have anticipated and conveyed throughout 2024.”
The delay will have a negligible financial impact, Urmson added.
The company will deploy up to 10 driverless trucks in commercial operations during launch. The company will start with one driverless truck and then transition the others to driverless, it said.
By 2025 end, the company intends to have tens of trucks in operations.
Why It Matters: Aurora is currently hauling freight autonomously for pilot customers including FedEx, Schneider, Hirschback, Uber Freight, and others. As of Oct. 27, the company has autonomously delivered over 8,200 loads, driving over 2.2 million commercial miles, it said. However, the rides were all supervised by vehicle operators, the company said.
For the third quarter, the company reported a net loss of $208 million, up from the loss of $190 million recorded in the corresponding period last year. The company has yet to generate revenue.
Aurora raised $483 million in August, adding to its $1 billion of liquidity as of the end of the second quarter. The liquidity will support the company’s planned commercial launch and operations well into 2026, the company then said.
Price Action: Aurora Innovation shares closed 11.8% higher at $5.81 on Friday. The stock is up by about 56% year-to-date, according to data from Benzinga Pro.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
Read Next:
Photo courtesy: Aurora Innovation
Market News and Data brought to you by Benzinga APIs
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
