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Amazon is in talks to buy shares in AI trucking startup Plus

Amazon.com Inc. is in talks to order 1,000 self-driving systems from self-driving truck technology startup Plus and buy as much as 20% of the shares.

The deal gives Amazon the right to buy positive preferred shares at a price of $ 0.46647 per share through the warrant, he said, asking him not to name the issue as it is private. This is equivalent to a 20% stake based on the positive outstanding shares prior to the merger plan with the special acquisition company Hennessy Capital Investment Corporation. V. The company that submitted it to the US Securities and Exchange Commission confirmed Bloomberg’s report.

The· Sequoia The company, backed by Capital China, which develops self-driving technology for long-haul trucks, is valued at $ 3.3 billion and plans to add $ 500 million in revenue to accelerate its expansion, the company said. Said in a May statement. The company is BlackRock Inc. Raised $ 150 million through private investment in so-called public equity (PIPE) from funds such as Shaw and DE Shaw.

Plus declined to comment in a statement by email. An Amazon representative said the company couldn’t comment immediately.

Based in Cupertino, Calif., Plus is one of the few start-ups trying to use autonomous driving technology to end its fragmented long-haul truck business. Plus said in April that it was working with SF Holding, a Chinese shipping company that uses Plus-enabled trucks that can cover 1,500 kilometers (932 miles) a day. Plus said FAW Group, a state-owned company, plans to start mass production of jointly developed autonomous trucks this quarter.

Hennessy SPAC raised $ 345 million in its initial public offering in January. CEO Daniel J. Henness previously set up companies such as electric vehicle development company Canoe, school bus manufacturer Blue Bird, and Texas-based transportation and logistics company Daseke. He led a blank check company that completed the transaction.

Founded in 2016 by a group of Stanford University classmates, Plus is backed by investors such as Shanghai Automotive Industry Corp., GSR Ventures Management, and a Chinese long-distance company known in English as the Full Truck Alliance. It is also affiliated with European truck maker Iveco SpA. Cummins Inc. Regarding the use of autonomous technology in trucks equipped with Natural gas..

Plus raised $ 200 million in a February funding round, with Guotai Junan International Holdings and Citic Private Equity Funds Management Co. Attracted new investors such as. In March, it raised an additional $ 220 million from investors jointly led by Fountain Vest Partners and Clear Vue Partners.

This year, we began offering the autonomous driving system PlusDrive to some customers in the United States and China.

The company recently became Navistar International Corp. Dennis Mooney and Amazon.com Inc. Chuck Joseph has helped boost production and drive Plus technology adoption.

Related video:

https://www.autoblog.com/2021/06/21/amazon-talks-ai-truck-startup-plus-stake/ Amazon is in talks to buy shares in AI trucking startup Plus

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