Automotive supplier Delphi has announced it will acquire self-driving car startup NuTonomy in a deal worth $450 million.
The deal consists of a $400 million purchase price of NuTonomy and an additional $50 million in earn-outs. It is just the latest deal in the autonomous vehicle sector this year and is yet another example of companies looking to partner with or purchase, competitors to accelerate the development of self-driving cars.
As part of the deal, over 100 employees from NuTonomy, including 70 engineers and scientists, will join forces with the 100-member automated driving team of Delphi. NuTonomy will remain based in Boston.
Since being formed in 2013, NuTonomy has been developing autonomous technologies and made headlines last year after it launched a self-driving taxi service in Singapore.
In a statement, NuTonomy chief executive Karl Iagnemma said the deal will help the two companies sell autonomous systems to other brands.
“We have, between us, really outstanding technical expertise — on the scientific side, on the algorithmic side.
“We have now deep and long-standing expertise on the automotive engineering side. And we have conduits, pathways, to selling it to all the various businesses that autonomous driving can impact, through traditional OEM channels, and through mobility services,” he said.
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