AMAZON ACQUIRES ROBO TAXI STARTUP
Amazon Buys Autonomous Mobility Startup Zoox
Amazon Moving People and Packages
Amazon has purchased self-driving startup Zoox of Foster City, CA for more than $1.2 billion. It's the e-commerce giant's biggest investment yet in the self-driving, autonomous category. And, it's the second biggest acquisition that Amazon has ever made after purchasing Whole Foods. This catapults Amazon into potentially another new business category. It may not be just moving packages but also people. Zoox's expertise is designing a world-class autonomous ride-hailing service, also known as RoboTaxis. Amazon CEO Jeff Bezos is always on the move for new avenues of business.
Zoox's Approach
Zoox's approach to self-driving is different. It's not retrofitting existing cars with self-driving technology. It's developing a whole new, purposed, self-driving vehicle with no steering wheel that can move in any direction. Some analysts say that Zoox's innovative technology is impressive. Adding Amazon into the robotic taxi equation will give companies like Uber, Lift, Tesla, Googles' Waymo, Ford-Argeo, GM's Cruise and more a massive amount of new competition, in this new emerging, hot market.
COVID-19 Impact
Zoox had planned to launch a pilot program with its autonomous cars this year. But, like so many companies, Zoox took a big hit from the coronavirus, lockdowns, social distancing and economic disruptions. It laid off 100 employees and essentially put itself up for sale in May.
Analyst Forecasts
Morgan Stanley analysts forecast that the RoboTaxi industry, providing passengers driverless rides, will generate revenues of $60 billion just in the US by 2023. It's a hot business that Amazon is jumping into. Within Amazon, Zoox will operate as a standalone business.
To check out journalist Edward Kane's latest book on new robotic technology "New Robots for the 2020's", go to ASIN: B08BWZMS83 And, if you would like to browse his recent collection of books on breakthrough innovations across industries, just click on amazon.com/author/ekane I'm business journalist Maryanne Kane and I co-authored the books with Ed.
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| Source: Zoox |
Amazon Moving People and Packages
Amazon has purchased self-driving startup Zoox of Foster City, CA for more than $1.2 billion. It's the e-commerce giant's biggest investment yet in the self-driving, autonomous category. And, it's the second biggest acquisition that Amazon has ever made after purchasing Whole Foods. This catapults Amazon into potentially another new business category. It may not be just moving packages but also people. Zoox's expertise is designing a world-class autonomous ride-hailing service, also known as RoboTaxis. Amazon CEO Jeff Bezos is always on the move for new avenues of business.
Zoox's Approach
Zoox's approach to self-driving is different. It's not retrofitting existing cars with self-driving technology. It's developing a whole new, purposed, self-driving vehicle with no steering wheel that can move in any direction. Some analysts say that Zoox's innovative technology is impressive. Adding Amazon into the robotic taxi equation will give companies like Uber, Lift, Tesla, Googles' Waymo, Ford-Argeo, GM's Cruise and more a massive amount of new competition, in this new emerging, hot market.
COVID-19 Impact
Zoox had planned to launch a pilot program with its autonomous cars this year. But, like so many companies, Zoox took a big hit from the coronavirus, lockdowns, social distancing and economic disruptions. It laid off 100 employees and essentially put itself up for sale in May.
Analyst Forecasts
Morgan Stanley analysts forecast that the RoboTaxi industry, providing passengers driverless rides, will generate revenues of $60 billion just in the US by 2023. It's a hot business that Amazon is jumping into. Within Amazon, Zoox will operate as a standalone business.
To check out journalist Edward Kane's latest book on new robotic technology "New Robots for the 2020's", go to ASIN: B08BWZMS83 And, if you would like to browse his recent collection of books on breakthrough innovations across industries, just click on amazon.com/author/ekane I'm business journalist Maryanne Kane and I co-authored the books with Ed.
Breakthrough global innovations for investors to explore
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