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Serve Robotics Inc (NASDAQ:SERV) said it is expanding its existing agreement with Magna International Inc (NYSE:MGA) to boost the adoption of robotics in logistics.
Under the new agreement, Magna will become the exclusive contract manufacturer of Serve’s delivery robots, effective April 24, aiding Serve’s aim to deploy up to 2,000 robots on the Uber Eats platform across multiple U.S. markets.
The previous partnership entailed Serve granting Magna a non-exclusive license to its technologies to develop new products in the robotics and logistics space. The financial terms were not disclosed.
“Following our successful public offering, we are excited to start working to scale our robotic fleet with Magna’s world-class manufacturing capabilities,” said CEO Ali Kashani.
“This collaboration supports the natural progression of our business beyond food delivery and positions our proprietary robotics technology as a platform upon which new robots can be built.”
Serve Robotics develops advanced, AI-powered, low-emissions sidewalk delivery robots to make delivery sustainable and economical.
Backed by Uber Technologies Inc (NYSE:UBER) and NVIDIA Corp (NASDAQ:NVDA), Serve became an independent company in 2021.
Serve has scalable multi-year contracts, including a signed agreement to deploy delivery robots on the Uber Eats platform.
Price Action: SERV shares are trading lower by 3.47% at $3.06 at the last check Wednesday.
Photo via Wikimedia Commons
