Chinese rideshare Didi Chuxing is spinning off its autonomous driving unit as a separate company. The decision comes at a time of dimmed forecasts for adoption of autonomous vehicles, and investor demands for a clear path to profitability for companies like Didi, Grab and Uber.
Didi Chuxing is also a notable Disruptor 50 company, breaking the top 10 at No. 4 in 2018 and No. 2 in 2019.
"Autonomous driving will greatly enhance the safety and efficiency of travel," said Didi Chairman and CEO Cheng Wei in a release. "In the future, people's transportation needs ... will be met by the combination of seamless autonomous driving technology and human driving services that are indispensable for their quality and warmth."from The Information. The Japanese tech and telecom giant has previously made multiple, large investments in the ride-hailing company.
"Spinning out autonomous divisions enables these companies to raise outside capital and offers investors a more targeted bet on self-driving relative to investing in the parent entity," he said. "We think this is a logical move for Didi and other ride-sharing companies facing pressure from investors to streamline costs and show a clear path to profitability."
Didi went through a major round of layoffs earlier this year, according to multiple reports, as it continues to lose money, like its competitors.
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