A self-driving truck startup that Amazon is considering buying shares?

Since 2019, Amazon has been testing Scout, an unmanned delivery robot that delivers luggage to customers’ doorsteps, and in 2020, it is strengthening its posture to participate in autonomous driving, such as acquiring Zoox, a startup that develops self-driving taxis. . Amazon is also reporting that it is considering buying a share of up to 20% by ordering 1,000 autonomous driving systems from Chinese startup Plus, which develops autonomous truck systems.

When it comes to autonomous vehicles, there are various types of vehicles, such as automobiles used in homes, taxis carrying customers, buses circulating specific routes, and trucks carrying luggage. Since long-distance trucks often run at a constant speed on highways, etc., they are more predictable when driving than cars on the street, so autonomous driving technology is expected to be realized for the first time.

Founded in 2016 by a graduate of Stanford University, Plus is headquartered in California and China, employs 200 people, and produces only self-driving sensors for self-driving trucks. Plus plans to sell its sensors to companies that own its trucks, and has already partnered with Chinese logistics company SF Express and others.

Then, in a document released by the U.S. Securities and Exchange Commission in June 2021, it was revealed that Amazon had ordered 1,000 autonomous driving systems from Plus as of January 2021. The system can be mounted on Amazon trucks, plus an agreement with Amazon for service and support when the truck uses the autonomous driving system.

As part of the deal, Plus also gives Amazon a warrant to buy up to 20% of its treasury stock at 47 cents per share. In May 2021, it is reported that Plus has agreed to merge with Hennessy Capital Investment Corp. V (HCIC), a special acquisition company SPAC, so there is a possibility that it will be listed on the New York market in the third quarter of 2021.

Plus is expected to raise $500 million after its merger with HCIC, with a market cap of $3.3 billion. Plus autonomous driving hardware is scheduled to be mass-produced in the second half of 2021. Related information can be found here.