Embark Trucks, a self-driving truck technology company, has announced that it is laying off a significant portion of its workforce and exploring the liquidation of its self-driving truck assets. The move comes as the company faces financial challenges and struggles to secure additional funding.
In a statement, the company said that it has been facing “challenging market conditions” and that it is “exploring all options” to ensure its future success. As part of this effort, the company has laid off a significant portion of its workforce, including many of its engineers and researchers.
In addition to the layoffs, the company is also exploring the liquidation of its self-driving truck assets, including its autonomous truck technology and related intellectual property. The company said that it is in talks with potential buyers and is exploring all options to ensure that its technology and intellectual property are used to their full potential.
Despite these challenges, Embark Trucks remains committed to its mission of developing self-driving truck technology. The company said that it will continue to invest in research and development and will explore new business opportunities that can help it achieve its goals.
“We remain committed to advancing the state of the art in self-driving truck technology, and we believe that our work will continue to be an important part of the future of the transportation industry,” said the CEO of Embark Trucks.
Embark Trucks was founded in 2016 with the goal of developing self-driving trucks that could operate without a human driver. The company has raised more than $100 million in funding from investors, including Sequoia Capital and Y Combinator.
Despite its early promise, the self-driving truck industry has faced significant challenges in recent years. Many companies, including Embark Trucks, have struggled to secure additional funding and to bring their technology to market. As a result, the industry has seen significant consolidation, with several major players merging or being acquired by larger companies. Overall, the industry remains highly competitive and is likely to see significant changes in the coming years as companies continue to develop new technology and business models.