Daimler Trucks disclosed that it will buy a bulk stake in Torc Robotics, a self-driving truck software maker. This deal will be a part of a broader drive to develop sovereign vehicles. Torc, a firm based in Blacksburg, Virginia, will assist Daimler speed up software development by offering the German manufacturer access to about 120 skilled employees, proclaimed Martin Daum, Chief Executive, Daimler Trucks.
Daum said that one cannot have adequate expertise in this area. The economic terms of the agreement were not disclosed. Torc Robotics has joint ventures to grow autonomous technology with Caterpillar intended for agricultural and mining applications. About 12 years ago, the firm has as well participated in the DARPA self-driving vehicles challenge. Torc is involved in developing technology that lets vehicles to work at a high automation level, which is known as level 4. The latest deal will help Daimler to speed up its own strategies to commercialize self-driving vehicles.
On a similar note, Daimler came into the news as it disclosed its partnership with Geely to renovate its Smart brand into an electric carmaker aimed at China’s vast market. Under the latest deal announced this week, the next generation of Smart cars is supposed to be assembled at the firm’s China factory with sales beginning in 2022. Before that, Daimler is supposed to continue to create Smart cars at factories in Slovenia and France.
In a blog post, Dieter Zetsche, CEO, Daimler, proclaimed that the firm’s smallest vehicle still holds enormous potential, in China and beyond. He added that Geely is the right associate to take benefit of these opportunities. Geely and Daimler and will each hold about 50% of the global partnership. The economic terms of the agreement were not disclosed. Daimler proclaimed that no job would be lost as an outcome of the latest agreement.