Toyota Acquires Renovo To Fuel Autonomous Driving Technology

Toyota Motor Corp TM subsidiary Woven Planet Holdings, Inc acquired pioneering Silicon Valley-based automotive operating system developer Renovo Motors, Inc.
The financial terms of the transaction remain undisclosed.
Renovo complements Woven Planet’s strategy to bring world-class talent and expertise in automated driving technology, next-generation mapping, and vehicle operating systems, helping it up the game versus Tesla Inc TSLA and Amazon.com Inc AMZN.
The acquisition will add depth to Woven Planet’s resources, particularly for Arene, Woven Planet’s open vehicle development platform.
Toyota held ¥5.1 trillion in cash and equivalents as of March 31.
Price Action: TM shares traded lower by 1.16% at $184.35 on the last check Tuesday.