Uber and Yandex are turning the autonomous vehicle portion of their joint venture into a new company which will give Yandex more control over the business and allow for new investors.
Yandex, the largest internet company in Russia, will be investing $150 million in this new company, according to Yandex. That company supposedly buying part of Uber’s stake as well. The Moscow based company will then own 73% of the new company, leaving 19% to Uber and the rest to the new company’s management.
Yandex is also giving over its own ride share business, MLU BV, that includes ride-hailing and food delivery.
These changes provide Yandex more wiggle room to develop technology.
Last year Uber separated its self-driving unit to seek new investors.
Yandex declined to comment further.