Uber Spent $457 Million On Flying Cars & Future Innovations Last Year

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Uber investment in R & D

Startup tech giant Uber is all set for its IPO release. The market analyst has estimated that the unicorn of the ride-hailing services will be seeking worth $100 Billion after IPO. Last year, the company made a net income of $998 Millions but an adjusted EBITDA loss of $1.85 Billion. Uber has spent $457 Million on its Research and Development department focusing on the flying car known as eVTOLs and other “technology programs”

Uber Advanced Technologies group was founded in 2015 with just 40 researchers Carnegie Robotics and Carnegie Mellon University. Now Uber ATG employs more than 1,000 professional for its research and strives to innovate the world. For now, Uber has partnered with Volva, Daimler, and Toyota for self-driving cars.

According to the agreement with Volva from 2016, Uber owns Volvo vehicles to deploy Autonomous technologies on their network. It goes the same with Daimler and signed up the deal in 2017. Uber signed an agreement with Toyota in 2018 to deploy its purpose-built vehicles for the Uber network.

The company will be listed as ‘UBER’ on the NewYork Stock Exchange and has filed its S-1. Till now tech giant has not announced its initial public offering price. Uber is working in its self-driving cars and it tells it will include in its future offerings and will be safer, and cost less price to customers. It has also said by the company that company won’t stop deploying human drivers for its services, but it will rely on them during, “involve substantial traffic, complex routes, or unusual weather conditions.” “Drivers are therefore a critical and differentiating advantage for us and will continue to be our valued partners for the long-term,” Uber wrote.

There is an excerpt from the S-1 posted on Tech Crunch. It reads, Along the way to a potential future autonomous vehicle world, we believe that there will be a long period of hybrid autonomy, in which autonomous vehicles will be deployed gradually against specific use cases while Drivers continue to serve most consumer demand. As we solve specific autonomous use cases, we will deploy autonomous vehicles against them. Such situations may include trips along a standard, well-mapped route in a predictable environment in good weather.”

Many ventures and tech giants have invested in Uber. Alphabet was formerly known as Google Ventures had invested $258 Million in 2013. Thus, Alphabet owns 5.6% stake in the company. Now, Alphabet’s bet on Uber has multiplied by 20X and the company share will be approximately worth $5.2 Billion. Till now, Uber has paid $58 Million for map services and $631 Million for marketing and advertising purposes.

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