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Apple Buys Self Driving Start Up In Latest Push Into Growing Space

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When it comes to contemplating the future of automobiles, there is no doubt that self-driving cars are going to be the next frontier for innovators after electric cars have been turned into a reality. Nowadays, some of the biggest companies in the world are spending millions of dollars in their quest to produce self-driving cars, and the latest big-ticket tech company to enter the arena is tech giant Apple. When companies like Uber and Alphabet are getting into space in a big way, it is hardly surprising that Apple has refused to lag behind in their quest to develop self-driving car technology.

In a new development, Apple has made an acquisition that is going to further strengthen its research and development activities in this particular space. On 25 June, it emerged that Apple has bought the self-driving car startup Drive.ai and it is believed that it was a steal, considering the fact that the company was in immense trouble when the tech giant decided to step in with an offer. It is important to note that the startup was one the verge of closing down completely and mass layoffs had been planned for Friday.

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However, it is important to note that Drive.ai had been regarded as one of the more important participants in the self-driving car ecosystem and has, in fact, produced a range of interesting products that made the company a truly innovative one. It had, in fact, even produced a fleet of self-driving cars known as the Nissan NV200s. That being said, it is a bit of a shame that the company could not maintain their financials, and just when all their technology was going to count for nothing, Apple decided to step in. Needless to say, the existing technology at the company is surely the factor that forced Apple to acquire the company, and while the exact financial details of the deal have not been divulged yet, it is a fair assumption that the company managed to acquire the self-driving startup at a steep discount.

Jodie Miller

Jodie Miller is experienced journalist. She holds double degree in journalism and communication. She joined our team as a content curator. She enjoys writing and curating contents related to finance and forex world.

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