Yandex Self Driving Group Gets $150 Million, Partners With Uber To Bring Autonomous Vehicles To U.S. [Forbes]
Yandex N.V. - Class A Ordinary Shares (YNDX)
Last yandex n.v. - class a ordinary shares earnings: 2/14 06:00 am
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Source: Forbes
Yandex Self-Driving Hyundai Sonata on the road.On paper, a lot is happening with Yandex's self-driving vehicles. Yandex NVYNDXGOOGLwill spin-off its autonomous vehicle business and form a new company- Yandex Self Driving Group B.V. (or Yandex SDG) with UberUBERYandex is not cutting ties with its former autonomous vehicle team by any means. Yandex NV is going to invest $150 million into Yandex SDG ($100 million in equity, $50 million as a convertible loan) and Yandex NV will keep an eye on the autonomous vehicle technology progress and will keep reporting Yandex SDG's results in Yandex NV's "Other Bets and Experiments" segment. The deal is expected to be completed in the third quarter of 2020.Yandex will also retain majority control of Yandex SDG, owning 73 percent, while Uber gets 19 percent and the other eight percent will be owned by Yandex SDG management and employees, Yandex said in a press release.Recommended For YouYandex autonomous delivery robot.Before the spin-off, Yandex NV'
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