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Toyota (TM) Boosts AV Tech Capabilities With Renovo Buyout
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In a bid to rev up its autonomous vehicle (AV) technology, Toyota Motor’s (TM - Free Report) subsidiary, Woven Planet Holdings, Inc., has acquired Renovo Motors, Inc., a Silicon Valley-based automotive operating system developer.
Woven Planet is committed to investing in automated driving to bring it to the market and this is the company’s third acquisition in less than a year. The financial terms and conditions of the deal have not yet been disclosed. The acquisition will enhance Woven Planet’s open vehicle development platform, Arene, which is scheduled for market introduction by 2025. Toyota expects Renovo to aid Arene function across multiple automakers’ platforms.
Renovo’s staff of roughly 30 people will be incorporated into Woven Planet’s group of 1,240 employees. The company generated a lot of buzz in 2015 with its debut video of a self-driving DeLorean.
Renovo’s acquisition is synchronous with Woven Planet’s work in changing the face of transportation. For that purpose, it is essential to find a simplified software development framework. Renovo’s operating system, which has the unique feature of running various apps that integrate automated driver assist systems, maps and other mobility services, was therefore the most preferred choice, noted Woven Planet. The programing system, Aware OS, has been compared to Google’s Android system in terms of efficiency. Renovo is enthusiastic about the deal since it believes that Woven Planet and Toyota are the ideal partners as their work is in perfect alignment with its long-term goals.
Apart from this deal, Toyota and its subsidiary have been investing in various acquisitions. These include a $550 million deal for the self-driving technology of Lyft, and an investment in Ridecell, which provides automation for fleet businesses. Woven Planet acquired Carmera Inc., which is a startup featuring state-of-the-art road mapping updates by making use of crowd-sourced information obtained from millions of Toyota vehicles.
Toyota is one of the leading automakers in the world in terms of sales and production. Its product portfolio consists of a full range of models from passenger cars and minivans to trucks as well as related parts and accessories. Shares of Toyota Motor have climbed 37.7% over a year compared with the industry’s 42.8% rise.
Image: Bigstock
Toyota (TM) Boosts AV Tech Capabilities With Renovo Buyout
In a bid to rev up its autonomous vehicle (AV) technology, Toyota Motor’s (TM - Free Report) subsidiary, Woven Planet Holdings, Inc., has acquired Renovo Motors, Inc., a Silicon Valley-based automotive operating system developer.
Woven Planet is committed to investing in automated driving to bring it to the market and this is the company’s third acquisition in less than a year. The financial terms and conditions of the deal have not yet been disclosed. The acquisition will enhance Woven Planet’s open vehicle development platform, Arene, which is scheduled for market introduction by 2025. Toyota expects Renovo to aid Arene function across multiple automakers’ platforms.
Renovo’s staff of roughly 30 people will be incorporated into Woven Planet’s group of 1,240 employees. The company generated a lot of buzz in 2015 with its debut video of a self-driving DeLorean.
Renovo’s acquisition is synchronous with Woven Planet’s work in changing the face of transportation. For that purpose, it is essential to find a simplified software development framework. Renovo’s operating system, which has the unique feature of running various apps that integrate automated driver assist systems, maps and other mobility services, was therefore the most preferred choice, noted Woven Planet. The programing system, Aware OS, has been compared to Google’s Android system in terms of efficiency. Renovo is enthusiastic about the deal since it believes that Woven Planet and Toyota are the ideal partners as their work is in perfect alignment with its long-term goals.
Apart from this deal, Toyota and its subsidiary have been investing in various acquisitions. These include a $550 million deal for the self-driving technology of Lyft, and an investment in Ridecell, which provides automation for fleet businesses. Woven Planet acquired Carmera Inc., which is a startup featuring state-of-the-art road mapping updates by making use of crowd-sourced information obtained from millions of Toyota vehicles.
Toyota is one of the leading automakers in the world in terms of sales and production. Its product portfolio consists of a full range of models from passenger cars and minivans to trucks as well as related parts and accessories. Shares of Toyota Motor have climbed 37.7% over a year compared with the industry’s 42.8% rise.
Toyota — which shares space with other auto biggies like Honda Motor (ORLY - Free Report) , Nissan Motor (NSANY - Free Report) , and Yamaha Motor(YAMHF - Free Report) — currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.