Uber in talks with Travis Kalanick to fund acquisition of Pony.ai US - yahoo

Uber in talks with Travis Kalanick to fund acquisition of Pony.ai US - yahoo

In a move to bolster its autonomous vehicle capabilities, Uber Technologies is reportedly in preliminary discussions with its former CEO, Travis Kalanick, to fund the acquisition of the US subsidiary of Chinese autonomous vehicle company Pony.ai [1]. The talks, which are at an early stage, signal Uber’s response to intensifying competition from self-driving taxi services such as Waymo and Tesla.

According to sources close to the matter, Kalanick would lead Pony.ai if the deal proceeds, while continuing his role as head of CloudKitchens, a virtual restaurant startup he founded after departing Uber in 2017. The financial terms of the potential transaction remain undisclosed. Pony.ai went public in the US in 2024, raising $260 million through a share sale, with its market capitalization currently standing at approximately $4.5 billion [1].

An Uber spokesman declined to comment on the deal talks, stating, “Uber has a platform strategy, and we intend to work with multiple players in the US and around the world who can safely bring autonomous technology to the world.” Devon Spurgeon, a spokeswoman for Kalanick, did not provide an immediate comment, and Pony.ai did not respond to requests for comment [1].

Kalanick’s tenure at Uber included efforts to develop autonomous vehicle technology, notably through the acquisition of Otto, a self-driving trucking startup led by former Google engineer Anthony Levandowski. This move led to a lawsuit from Google, which accused Levandowski of trade secret theft and sought to prevent Uber from using its self-driving technology [1].

Uber has also partnered with Pony.ai to launch commercial robotaxi services in the Middle East. Pony.ai, headquartered in China, maintains research operations and testing permits in the US and Europe, with Toyota Motor holding a nearly 16% stake as its largest shareholder [1].

The acquisition of Pony.ai’s US subsidiary would be a significant strategic move for Uber, positioning it to strengthen its autonomous vehicle capabilities in a competitive market. However, the deal remains in the early stages, and the financial terms have yet to be disclosed.

References:
[1] https://finance.yahoo.com/news/uber-talks-travis-kalanick-fund-095618129.html