Autonomous vehicle companies and suppliers have collectively spent around $75 billion developing self-driving technology, with scant sign of meaningful revenue emerging from robocar services.
This has spelled disaster for Aurora Innovation, TuSimple Holdings and Embark Technology, whose shares have each plunged at least 80% this year. Intel just slashed the targeted valuation for its autonomous driving business Mobileye to about $16 billion, a fraction of the more than $50 billion it reportedly had in mind 10 months ago. Cruise, owned by General Motors, raised money at a roughly $30 billion valuation early last year. In March, GM bought out SoftBank Vision Fund at a price implying the venture was worth around $19 billion.
