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Delphi buys self-driving car startup NuTonomy for US$450m
[NEW YORK] Delphi Automotive agreed to acquire self-driving startup NuTonomy for US$450 million, speeding up its plans to supply automakers with autonomous vehicle systems.
NuTonomy will add more than 100 employees, including 70 engineers and scientists, to roughly double Delphi's team developing autonomous driving software, according to a statement.
The company was spun out from a research and technology alliance between Singapore and the Massachusetts Institute of Technology and its backers include state investment company Temasek Holdings and Ford Motor. Chairman Bill Ford's venture capital fund.
When the deal closes later this year, Delphi will have autonomous driving operations in Boston, Pittsburgh, Singapore, Santa Monica, California, and Silicon Valley.