SoftBank Invests $1 Billion in Former Argo AI Founders’ Self-Driving Trucks Startup
SoftBank Group has bucked the trend of declining investments in autonomous vehicle startups by backing Stack AV, a company focused on commercializing self-driving trucks. Stack AV was formed by the ex-founders of Argo AI, an autonomous vehicle startup that was backed by Ford and Volkswagen. SoftBank Group’s investment, which is coming directly from the company and not its Vision Fund, is worth over $1 billion. This move showcases SoftBank’s ongoing interest in the autonomous vehicle industry, despite recent struggles faced by other startups in the sector.
Key Takeaway
SoftBank Group’s investment in Stack AV demonstrates its continued interest in funding autonomous vehicle startups. Meanwhile, Flexport’s founder, Ryan Petersen, has returned as CEO, signaling a new direction for the logistics company. Cruise remains dedicated to its self-driving ambitions, despite facing challenges and controversy.
Flexport’s Founder Brings Change to the Company
Ryan Petersen, the founder of logistics company Flexport, has returned as CEO after the departure of Dave Clark, his chosen successor and former consumer chief at Amazon. Petersen wasted no time in implementing changes, announcing that the company would rescind job offers and other measures to control costs. This sudden overhaul by Flexport’s founder indicates a shift in direction for the company and its future growth plans. Meanwhile, Petersen’s bold move has generated both excitement and curiosity within the industry.
Cruise Continues to Push Forward with Self-Driving Technology
Cruise, the autonomous vehicle company backed by General Motors, faced controversy this week as protesters gathered outside its San Francisco headquarters. Reports emerged that one of Cruise’s robotaxis had blocked an ambulance, which later led to the death of a patient. However, video footage contradicted claims made by the San Francisco Fire Department, leaving the situation in dispute. Despite this, Cruise’s CEO Kyle Vogt remains focused on the company’s mission to mass-produce self-driving robotaxis, with or without steering wheels and pedals. Vogt’s unwavering commitment highlights Cruise’s determination to revolutionize the future of transportation.
