Image by Jeff Chabot from Pixabay
One of the world’s largest truck manufacturers has made a growing Virginia firm its co-pilot on its journey to commercialize automated trucks.
An agreement has been signed for Daimler Trucks and Buses Holding Inc. to acquire a majority stake in Blacksburg-based Torc Robotics for an undisclosed sum, the two companies announced Friday. Finalization of the deal is subject to approval from U.S. regulators.
Daimler Trucks and Buses Holding Inc. is a subsidiary of the Germany-based Daimler Group, which bills itself as the inventor of the truck and the world’s largest manufacturer of heavy and medium trucks.
Formed in 2005, Torc specializes in self-driving software. Earlier this year, the company partnered with Transdev, a public transportation firm, to develop fully autonomous electric shuttles. Torc has developed technology for self-driving cars, as well. The company has more than 100 employees in Blacksburg and has been in hiring mode.
