Daimler Trucks buys a majority stake in self-driving tech business Torc Robotics

Daimler Trucks buys a majority stake in self-driving tech business Torc Robotics

Daimler Trucks just announced that it’s acquiring a majority stake in Torc Robotics, a deal that will see the two companies collaborating on the development of Level 4 self-driving trucks. Daimler Trucks is the world’s largest truck manufacturer and a division of the larger Daimler Group. Torc, meanwhile, was founded in 2005. For most of its history,…

Daimler Trucks just announced that it’s obtaining a majority stake in Torc Robotics, a deal that will see the two companies teaming up on the advancement of Level 4 self-driving trucks.

Daimler Trucks is the world’s biggest truck manufacturer and a division of the larger Daimler Group.

Torc, meanwhile, was founded in2005 For the majority of its history, it specialized in self-driving software and sensors for commercial, commercial and military usage, previously recently shifting its attention to consumer cars Previously this year, it revealed a partnership with public transport business Transdev to create autonomous shuttle bus that connect individuals to transit.

The self-governing driving company is headquartered in Blacksburg, Va., where Torc and Daimler executives revealed the offer.

Martin Daum, the member of Daimler’s board of management accountable for trucks and buses, had a declaration praising the partnership as supplying “the perfect mix between Torc’s know-how on agile software application development and our experience in providing trusted and safe truck hardware.”

The business said that the collaboration will see Torc working with Daimler Trucks’ designers to move into the trucking market, while preserving the Torc name, team and facilities.

The monetary terms were not disclosed. The acquisition will also require to receive regulative approval from U.S. authorities.

” With the ever rising need for roadway transportation, not the least through e-commerce, there is a strong organisation case for self-driving trucks in the U.S. market and I believe the fastest path to commercialization for self-driving trucks remains in collaboration with Daimler Trucks, the OEM market leader,” stated Torc CEO Michael Fleming in a declaration. “This relocation is in line with our objective of conserving lives and represents another significant turning point for Torc considering that crossing the finish line in the DARPA Urban Obstacle12 years earlier.”

Check Out More

Leave a Reply

Your email address will not be published.