Daimler: to take majority stake in automated truck pioneer
(CercleFinance.com) - Daimler on Friday said that it will acquire a majority stake in Torc Robotics, a US pioneer in trucks and automated vehicles, for an undisclosed sum.
The "strategic" move is designed to create a technology powerhouse for automated trucks as demand for road transportation is rising, the German auto giant said in a statement.
"Torc is not a start-up, but one of the world's most experienced companies for vehicle automation," Daimler said.
Under the terms of the deal, Torc will remain a separate entity retaining its name, team, existing customers, along with its facilities in Virginia, the company added.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The "strategic" move is designed to create a technology powerhouse for automated trucks as demand for road transportation is rising, the German auto giant said in a statement.
"Torc is not a start-up, but one of the world's most experienced companies for vehicle automation," Daimler said.
Under the terms of the deal, Torc will remain a separate entity retaining its name, team, existing customers, along with its facilities in Virginia, the company added.
Copyright (c) 2019 CercleFinance.com. All rights reserved.