Magna has acquired the technology, IP and assets of Optimus Ride, a startup based in Boston that was trying to commercialize electric autonomous shuttles. As part of the deal announced Tuesday, Magna has hired more than 120 employees of Optimus Ride. The financial terms of the agreement were not disclosed,
Optimus Ride CEO Sean Harrington will not make the jump over to Magna and the AV startup will cease its operations.
Magna aims to leverage the tech and expertise from Optimus Ride to beef up its efforts in advanced driver assistance systems — technology that is in high demand. Magna has been keen to build out its ADAS offerings; last year the company tried to acquire Swedish automotive tech company Veoneer, but was nudged out by Qualcomm. Veoneer’s Arriver tech — an advanced driver as …
