Delphi buys self-driving vehicle startup NuTonomy for US$450m

Delphi buys self-driving vehicle startup NuTonomy for US$450m

Delphi Automotive agreed to acquire self-driving startup NuTonomy for US$450 million, speeding up its plans to supply automakers with autonomous vehicle systems. NuTonomy co-founder Karl Iagnemma said with Delphi his company found a front-runner in the race to put self-driving cars on the streets. Nutonmony had raised $19.6 million in funding from among others Highland Capital Partners, Samsung Ventures and Detroit-based Frontinalis Partners.

"That's an area that nuTonomy has really focused on where Delphi has not", DeVos said.

The purchase cost Delphi $400 million in cash and will pay out an additional $50 million in performance based pay-outs.

Delphi's acquisition of nuTonomy is the latest in a series of investments it's made in the emerging mobility industry. It previously acquired autonomous driving software developer Ottomatika as well as data service companies Control-Tec and Movimento.

A self-driving auto being developed by nuTonomy, a company creating software for autonomous vehicles, is guided down a street near their offices in Boston, Massachusetts, U.S., June 2, 2017. By combining its resources with NuTonomy's, Delphi hopes to have 60 autonomous cars on the road around the world by year's end.

Upon completion of the transaction, Delphi will have AD operations in Boston, Pittsburgh, Singapore, Santa Monica, and Silicon Valley. The two companies started talking a few months back after Delphi starting looking to scale its autonomous vehicle operations. And NuTonomy, which spun out of MIT in 2013, has also been operating autonomous taxis in Singapore since 2016, and recently received permission to test its self-driving vehicles in Boston.

Delphi will double the size of its team working on self-driving cars when it brings Boston-based nuTonomy in its stable.

Delphi president and chief executive officer Kevin Clark will become Aptiv's CEO and Liam Butterworth, Delphi's senior vice president and powertrain division president, will become Delphi Technologies' CEO. In August, it reported second quarter revenues were up five percent to $4.3 billion.

Delphi, which employs around 145,000 people in 46 countries, designs and manufactures a variety of vehicle components.

Shares of the company closed Monday at $97.77.

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