Amazon Adds Driverless Car Maker Zoox To Portfolio

Amazon will pay more than $1.2 billion to acquire Zoox, the Foster City, Calif., self-driving technology company, the Financial Times (FT) reported. While the purchase could fuel Amazon's delivery fleet, a source familiar with the deal told the newspaper it could signal the eCommerce giant's entry into ride-hailing. The source said Amazon would collaborate with Zoox to create a ride-hailing fleet, taking on Waymo Co, the California-based self-driving industry leader backed by Alphabet, Google's parent company. Still, some analysts say the deal is more about Amazon's mission to fold autonomous technology into its delivery network. Last year, Amazon participated in a $530 million funding round for autonomous technology firm Aurora Innovation. Last month, PYMNTS reported Amazon was in talks to buy Zoox.