Driverless car quest has made a bonfire out of $75 billion
While executives and investors alike are in some cases heading for the exits, well-capitalized companies in the space are plowing ahead into new markets and projects. Cruise plans to replicate its San Francisco robo-taxi service in Phoenix and Austin, Texas. Waymo will start offering rides in Los Angeles and also has been hauling beer between Dallas and Houston.
Startup Kodiak Robotics raised $30 million in private capital this week and ran its freight trucks 8,000 miles from Texas to Florida. While there was a test driver at the wheel, the human ceded to the 94% of the time, Kodiak CEO and founder Don Burnette told me in an interview. The company is starting to haul furniture for Ikea.“We’re pretty close,” he said. “It seems like we always say this. It’s a couple years out.”
It may take even longer, but the market getting the timing of autonomy wrong doesn’t mean it will never work. The lesson is that technology as radical as robotic driving was always better off in the incubators of daring venture capitalists, not the portfolios of trigger-happy stock traders.
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