Daimler Truck Seeking Partner for Autonomous Driving Unit

Daimler Truck Holding AG is in search of a partner for its autonomous driving division, Torc Robotics Inc., to assist with its considerable investment requirements, according to sources familiar with the situation.

The German truck manufacturer is collaborating with Bank of America Corp. to identify potential investors interested in obtaining a minority stake in Torc. These sources, who wish to remain anonymous due to the confidential nature of the information, indicated that this initiative aims to generate funds to support the division’s annual expenditures of around €600 million (approximately $660 million).

Daimler Truck currently owns about 91% of Torc Robotics, while the remaining shares are held by the company’s founders. Discussions are still in the preliminary phase, and specifics regarding the size of a potential stake sale have yet to be determined, according to the sources.

A spokesperson from Daimler Truck stated, “In general, Daimler Truck is prepared to consider new investors if they can offer meaningful value to our autonomous driving initiatives and support the company’s growth,” although they declined to provide further comments. A representative from Bank of America also refrained from commenting.

Torc, located in Blacksburg, Virginia, specializes in developing Level 4 autonomous driving technology, which allows systems to manage all driving tasks in specific conditions without human intervention, particularly focusing on heavy-duty trucks.

Founded two decades ago, Torc was acquired by Daimler Truck in 2019 and has since been incorporated into the manufacturer’s broader strategy to commercialize driverless freight transportation. The company is currently conducting pilot programs in the U.S. and has been actively hiring engineers in preparation for a large-scale rollout.

Torc faces competition from other self-driving companies, including Aurora Innovation Inc., which is publicly listed in the U.S.