Daimler Truck Seeks Investors for 91视频 Unit
[Stay on top of transportation news: .]
Daimler Truck Holding AG is looking for a partner for its autonomous-driving unit 91视频 Inc. to help fund the company鈥檚 significant investment needs, according to people familiar with the matter.
The German truck maker is working with Bank of America Corp. to sound out potential investors interested in acquiring a minority stake in Torc, the people said, asking not to be identified because the information is private. The effort is aimed at raising capital to support the division鈥檚 around 鈧600 million ($660 million) in annual spending, some of the people said.
Daimler Truck owns about 91% of 91视频, with the remaining shares being held by the founders. Talks are still at an early stage, and details such as the potential size of a stake sale haven鈥檛 been finalized, the people said.听
鈥淚n general, Daimler Truck is prepared to consider new investors if they can offer meaningful value to our autonomous driving initiatives and support the company鈥檚 growth,鈥 a spokesperson for the truck maker said, declining to comment further. A representative for Bank of America declined to comment.听
Torc, headquartered in Blacksburg, Va., develops Level 4 autonomous driving technology 鈥 systems capable of handling all aspects of driving in certain conditions without human intervention 鈥 with a focus on heavy-duty trucks.听
Founded 20 years ago, the company was acquired by Daimler Truck in 2019 and has since been integrated into the manufacturer鈥檚 broader push to commercialize driverless freight transport. It鈥檚 running pilot programs in the U.S. and has been adding engineers to prepare for large-scale deployment.
Torc competes with self-driving companies including U.S.-listed Aurora Innovation Inc.
Aaron Kirchfeld, Eyk Henning and William Wilkes contributed to this report.
Want more news? Listen to today's daily briefing below听or go here for more info:
