The development of self-driving trucks comes at a critical
time as economy faces unprecedented supply chain crisis and driver
shortages
Self-driving company Aurora announced the launch of its Industry
Advisory Council, a group of advisors made up of transportation and
logistics visionaries, academics, and government leaders. With
decades of collective experience across trucking, transportation,
and government, the Council will offer its expertise as Aurora
develops and commercializes its self-driving technology.
Specifically, the Council will advise on the company’s product
offerings and go-to-market and regulatory strategies to help
deliver value to all stakeholders in the logistics and
transportation ecosystem across drivers, fleet owners, and local
and federal governments.
The introduction of Aurora’s Industry Advisory Council is the
company's latest step toward delivering its autonomous trucking
product business at scale as it looks to improve the operational
efficiency of moving goods and address driver shortages impacting
the global supply chain. Early next month, Aurora also plans to
merge with Reinvent Technology Partners Y (NASDAQ: RTPY), a special
purpose acquisition company (SPAC), and expects to be listed on
Nasdaq with the ticker symbol AUR on November 4.
Aurora’s Industry Advisory Council includes:
- Andrew H. Card, Former White House Chief of Staff and
Secretary of Transportation
- Richard Stocking, Former President & CEO, Swift
Transportation; CEO & Principal, DPX Consulting
- Craig Dickman, Former President, CEO & Director of
Paper Transport; Founder & Chairman, Breakthrough Fuel;
Managing Director, TitletownTech
- John Esparza, President & CEO, Texas Trucking
Association
- John Larkin, Former Managing Director of Transportation
& Logistics at Stifel; Strategic Advisor & Advisory Board
Chair, Clarendon Capital
- Steve Viscelli, Author of The Big Rig: Trucking and the
Decline of the American Dream; Faculty Fellow and Lecturer at the
University of Pennsylvania
Here is more from the members on the importance of autonomous
vehicle technology and why they joined the Aurora Industry Advisory
Council:
Richard Stocking said, “It’s important for carriers and
drivers to have a voice in how this technology is developed and
utilized and Aurora is committed to doing this right with the best
people, technology, and business partners.”
Craig Dickman said, “Self-driving technology has the
potential to transform the economics of movement, provide greater
access to transportation, improve public safety, and reduce
emissions and I believe Aurora is best positioned to deliver on the
potential of this technology.”
John Esparza said, “This country’s ability to grow and
sustain economic growth has always been on the back of freight. The
ability to move goods efficiently and expediently is critical to
the health of all our communities and automation is one of the
solutions to the challenges we are seeing in supply chain logistics
today.”
John Larkin said, “As a decades-long leader in the
transportation and logistics space, I am excited about the
potential self-driving technology has to make our roads
dramatically safer and help solve the driver shortage that has
challenged the industry for decades. Aurora has emerged as a leader
in the space and I’m excited to join the Industry Advisory Council
to help advance the technology.”
Steve Viscelli said, “Self-driving technology will
transform the economics of truck utilization and supply chain
efficiency which has the potential to benefit workers, the
environment, shippers, and consumers. Over the years, Aurora has
shown its commitment to hearing all perspectives on how
self-driving trucks may impact the industry and its workers and I’m
joining the Council to help guide the technology so it benefits
both.”
Aurora is building the Aurora Driver, which is being designed to
enable driverless operation of any vehicle platform from Class 8
trucks to passenger vehicles. Partnered with PACCAR, Volvo, Toyota,
and Uber, Aurora plans to launch its autonomous commercial trucking
business Aurora Horizon by late 2023, followed by its driverless
ride-hailing business, Aurora Connect, in 2024. Aurora plans to
offer a Driver as a Service model where fleet owners will purchase
Aurora Driver-powered vehicles, subscribe to the Aurora Driver, and
utilize Aurora-certified fleet service partners to operate
autonomous mobility and logistics services.
“As an industry leader in the development of self-driving
trucking technology, we keep a close eye on the market and the
needs of our partners and customers,” said Aurora Co-founder and
Chief Product Officer Sterling Anderson. “Given the current
supply chain crisis and labor shortage, there has never been a more
critical time to deliver autonomous trucks and we’re honored to
have world-class leaders across the transportation and logistics
industries advising us as we fine-tune and prepare to deliver
Aurora Horizon to the market at scale.”
About Aurora
Founded in 2017 by experts in the self-driving industry, Aurora
is on a mission to deliver the benefits of self-driving technology
safely, quickly, and broadly. To move both people and goods, the
company is building the Aurora Driver, a platform that brings
together software, hardware and data services to autonomously
operate passenger vehicles, light commercial vehicles, and
heavy-duty trucks. Aurora is backed by Sequoia Capital, Baillie
Gifford, funds and accounts advised by T. Rowe Price Associates,
among others, and is partnered with industry leaders including
Toyota, Uber, Volvo, and PACCAR. Aurora tests its vehicles in the
Bay Area, Pittsburgh, and Dallas. The company has offices in those
areas as well as in Bozeman, MT; Seattle, WA; Louisville, CO; and
Wixom, MI. To learn more, visit www.aurora.tech.
Aurora Overview Aurora Press Kit
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains certain forward-looking statements
within the meaning of the federal securities laws with respect to
the proposed transaction between Reinvent Technology Partners Y
(“RTPY”) and Aurora Innovation, Inc. (“Aurora”). These
forward-looking statements generally are identified by the words
“believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,”
“strategy,” “future,” “opportunity,” “plan,” “may,” “should,”
“will,” “would,” “will be,” “continue,” “likely,” and similar
expressions. Forward-looking statements are predictions,
projections and other statements about future events that are based
on current expectations and assumptions and, as a result, are
subject to risks and uncertainties. Many factors could cause actual
future events to differ materially from the forward-looking
statements in this document, including but not limited to: (i) the
risk that the proposed transaction may not be completed in a timely
manner or at all, which may adversely affect the price of RTPY’s
securities, (ii) the risk that the proposed transaction may not be
completed by RTPY’s business combination deadline and the potential
failure to obtain an extension of the business combination deadline
if sought by RTPY, (iii) the failure to satisfy the conditions to
the consummation of the proposed transaction, including the
adoption of the Agreement and Plan of Merger, dated as of July 14,
2021 (the “Merger Agreement”), by and among RTPY, Aurora and RTPY
Merger Sub Inc., a Delaware corporation and a direct wholly owned
subsidiary of RTPY, by the shareholders of RTPY, the satisfaction
of the minimum cash condition following redemptions by RTPY’s
public shareholders and the receipt of certain governmental and
regulatory approvals, (iv) the inability to complete the PIPE
investment in connection with the proposed transaction, (v) the
occurrence of any event, change or other circumstance that could
give rise to the termination of the Merger Agreement, (vi) the
effect of the announcement or pendency of the proposed transaction
on Aurora’s business relationships, operating results and business
generally, (vii) risks that the proposed transaction disrupts
current plans and operations of Aurora and potential difficulties
in Aurora employee retention as a result of the proposed
transaction, (viii) the outcome of any legal proceedings or other
disputes that may be instituted against Aurora or against RTPY
related to the Merger Agreement or the proposed transaction or
otherwise, (ix) the ability to maintain the listing of RTPY’s
securities on a national securities exchange, (x) the price of
RTPY’s securities may be volatile due to a variety of factors,
including changes in the competitive and highly regulated
industries in which RTPY plans to operate or Aurora operates,
variations in operating performance across competitors, changes in
laws and regulations affecting RTPY’s or Aurora’s business and
changes in the combined capital structure, (xi) the ability to
implement business plans, forecasts, and other expectations after
the completion of the proposed transaction, and identify and
realize additional opportunities, and (xii) the risk of downturns
and a changing regulatory landscape in the highly competitive
self-driving industry. The foregoing list of factors is not
exhaustive. You should carefully consider the foregoing factors and
the other risks and uncertainties described in the “Risk Factors”
section of RTPY’s registration statement on Form S-1 (File No.
333-253075), its Quarterly Reports on Form 10-Q for the periods
ended March 31, 2021 and June 30, 2021, respectively, the
registration statement on Form S-4 discussed below and other
documents filed by RTPY from time to time with the SEC. These
filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements, and RTPY and Aurora assume no obligation and do not
intend to update or revise these forward-looking statements,
whether as a result of new information, future events, or
otherwise. Neither RTPY nor Aurora gives any assurance that either
RTPY or Aurora or the combined company will achieve its
expectations.
Additional Information and Where to Find It
This press release and the Reddit AMA relates to a proposed
transaction between RTPY and Aurora. Neither this press release nor
the Reddit AMA is not a proxy, consent or authorization with
respect to any securities or in respect of the proposed transaction
and does not constitute an offer to sell or exchange, or the
solicitation of an offer to buy or exchange, any securities, nor
shall there be any sale of securities in any jurisdiction in which
such offer, sale or exchange would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction. RTPY has filed a registration statement on Form S-4
with the SEC (333-257912), which includes a prospectus and proxy
statement of RTPY, referred to as a proxy statement/prospectus.
RTPY has mailed a definitive proxy statement/prospectus and other
relevant documents to its shareholders of record as of September
30, 2021, the record date established for the extraordinary general
meeting of shareholders relating to the proposed transaction
between RTPY and Aurora. RTPY also will file other documents
regarding the proposed transaction with the SEC. Before making any
voting or investment decision, investors and security holders of
RTPY are urged to read the registration statement, the proxy
statement/prospectus and all other relevant documents filed or that
will be filed with the SEC in connection with the proposed
transaction because they will contain important information about
the proposed transaction. Investors and security holders will be
able to obtain free copies of the registration statement, the proxy
statement/prospectus and all other relevant documents filed or that
will be filed with the SEC by RTPY through the website maintained
by the SEC at www.sec.gov. The documents filed by RTPY with the SEC
also may be obtained free of charge at RTPY’s website at
https://y.reinventtechnologypartners.com or upon written request to
c/o Reinvent Capital, 215 Park Avenue, Floor 11 New York, NY.
Participants in Solicitation
RTPY and Aurora and their respective directors and executive
officers may be deemed to be participants in the solicitation of
proxies from RTPY’s shareholders in connection with the proposed
transaction. A list of the names of the directors and executive
officers of RTPY and Aurora and information regarding their
interests in the proposed transaction are set forth in the proxy
statement/prospectus. You may obtain free copies of these documents
as described in the preceding paragraph.
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Khobi Brooklyn press@aurora.tech (415) 699-3657
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