Russian technology company Yandex will spin off its autonomous vehicles department into a separate business entity Yandex Self-Driving Group (Yandex SDG) and invest an additional $150 million, the company said Friday
MOSCOW (Pakistan Point News / Sputnik - 04th September, 2020) Russian technology company Yandex will spin off its autonomous vehicles department into a separate business entity Yandex Self-Driving Group (Yandex SDG) and invest an additional $150 million, the company said Friday.
At the moment, the department is part of the company's taxi business.
After the restructuring, Yandex will buy out some of the Uber shares in Yandex SDG, invest $100 million and give it a $50 million loan. Yandex will hold 73 percent in the company, Uber 19 percent, the remaining shares will be used as a bonus option for employees.
