Shares Of Driverless Truck Startup Aurora Crash After Commercial Launch Delayed
Shares of autonomous truck maker Aurora tumbled in New York this morning after management revealed during an earnings call on Wednseday that the commercial launch of its driverless trucks would be delayed by four months.
Aurora CEO Chris Urmson told investors on its third-quarter earnings call that safety improvements have been made before the commercial launch.
Urmson said some of the remaining obstacles are "primarily in the areas of some elements of surface street driving and some elements of construction that we see on the freeway." He added, "We want to have extremely high confidence in the system as we as we go forward."
"We feel good about our progress and are confident in our ability to close the Safety Case for driverless operations on our launch lane. With additional visibility on the time needed to complete the aforementioned remaining validation, we now expect to launch commercially in April 2025. While this is modestly later than we had intended, this timing remains within the margin of error we have anticipated and conveyed throughout 2024," Urmson told investors.
The fourth-month delay was disappointing to Wall Street analysts (list courtesy of Bloomberg):
Analyst Jeff Osborne
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