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Why are some major automakers rethinking their autonomous driving investments?
Why are some major automakers rethinking their autonomous driving investments?
Until a few months ago, autonomous driving was one of the hottest investment themes. However, many major automakers, including Ford, have recently been reconsidering their investments in self-driving businesses, and other companies such as Alphabet are facing financial pressure to cut spending on self-driving businesses.
Uber was the first company to divest itself of its self-driving business
Uber was one of the first companies to give up its self-driving business. In 2020, the business was sold to autonomous driving start-up Aurora Innovation. In return, Uber received a majority stake in the company.
Aurora Innovation went public through a SPAC reverse merger, and its current share price is less than $2 per share. According to reports, Uber has incurred huge losses on its investments in companies such as Aurora, Grab and Zomato.
Aurora Innovation is a pure-play autonomous driving business developer, and its stock price plunge is reminiscent of investor pessimism about the industry. Not only that, but some companies are also reconsidering their investments in autonomous driving.
Ford exits the self-driving business
Last month, Argo AI, a self-driving startup jointly established by Ford and Volkswagen, collapsed, and Ford canceled its investment in the company. This marks that major automobile manufacturers have also "retired" from autonomous driving.
Ford said Argo AI has not attracted new investors. Ford also announced that it will not focus on developing L4 autonomous driving systems. The company's CEO said that although some investors have invested a total of $100 billion in L4 autonomous driving technology, no company has yet been able to determine a profitable business model.
On an earnings call, Doug Field, Ford’s director of advanced product development and technology, said: “Large-scale commercialization of L4 autonomous driving will take far longer than we previously anticipated. L2 and L3 driver assistance technology has a larger addressable customer base, which will allow it to scale more quickly and become profitable."
And Ford Chief Financial Officer John Lawler said that the company does not see the need Develop self-driving technology yourself.
Alphabet’s autonomous driving is facing loss pressure
Alphabet owns its autonomous driving business subsidiary Waymo, which is facing pressure from shareholders to question due to rising losses. TCI Fund Management, which holds about $6 billion worth of Alphabet stock, sent a letter to Alphabet management calling for Waymo's losses to be reduced.
TCI said in the letter, "Unfortunately, people have lost enthusiasm for autonomous driving, and competitors have also withdrawn from the market." TCI also mentioned in the letter that Volkswagen and Ford have withdrawn from this business. fact.
Coincidentally, Nuro, a self-driving startup backed by Alphabet, Tiger Global and SoftBank, recently announced that it would lay off one-fifth of its workforce in an effort to save money while investing in the long term.
GM said cars will not withdraw from the autonomous driving market
Industry insiders also pointed out that the situation in the autonomous driving market is not bleak, and some companies are still continuing to invest in autonomous driving. General Motors, for example, has said it will not withdraw from its investment in the business. The company owns Cruise, a company that develops autonomous driving business, and received investment from Microsoft last year.
GM CEO Mary Barra said: "We are the only self-driving car company ready to launch and bring revenue in three markets."
Barra on GM's self-driving Expressed optimism about business development. She said: "When we consider the strength of the business and the business we have established, we feel we can reinvest in the autonomous vehicle business because we see a tremendous opportunity."
General Motors also upgraded cash flow guidance for 2022 and expects its electric vehicle business to become profitable in 2025.
Tesla sees software as the main driver of its business
Tesla sees autonomous driving as a key driver of its business growth. The company has adjusted the price of its Fully Self-Driving System (FSD) twice this year, now raising it to $15,000.
Industry sources said that given the deteriorating macroeconomic environment, many autonomous driving companies are facing pressure to raise funds. Because the business is still in its infancy, many businesses are likely to continue to post losses in the coming years. Now with the Federal Reserve aggressively raising interest rates, few investors want to fund money-losing companies like self-driving cars.
On the one hand, there is the "unexpected future" and huge investment of autonomous driving, and on the other hand, there is the sluggish economic environment. What do you think the future direction of autonomous driving will be?
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