Mentioned:
Hertz is betting on the future of autonomous vehicles. And now, their operating subsidiary Oro Mobility has just landed their first outside investors.
What’s happening:
- Oro Mobility has successfully raised $80M USD through a strategic equity investment
Why it matters:
- Hertz (NASDAQ: HTZ) launched Oro Mobility as an operating subsidiary focused on the opportunity in ride sharing and robotaxi fleet services
Going deeper:
- Hertz still owns roughly 84% of Oro Mobility after the new funding round
- Oro Mobility will manage a fleet of self driving Lucid (NASDAQ: LCID) cars are are powered by Nuro’s autonomous technology and currently operates a fleet of roughly 45,000 vehicles that are human-driven
The intrigue:
- Oro Mobility previously made waves on Wall Street when they struck a new partnership with Uber (NYSE: UBER) focused on running fleets for Uber’s robotaxi initiative as well as human-driven rideshare drives
