Benzinga | Sep 28, 2021 11:55AM EDT

Toyota Acquires Renovo To Fuel Autonomous Driving Technology

* Toyota Motor Corp (NYSE:TM) subsidiary Woven Planet Holdings, Inc acquired pioneering Silicon Valley-based automotive operating system developer Renovo Motors, Inc.

* The financial terms of the transaction remain undisclosed.

* Renovo complements Woven Planet's strategy to bring world-class talent and expertise in automated driving technology, next-generation mapping, and vehicle operating systems, helping it up the game versus Tesla Inc (NASDAQ:TSLA) and Amazon.com Inc (NASDAQ:AMZN).

* The acquisition will add depth to Woven Planet's resources, particularly for Arene, Woven Planet's open vehicle development platform.

* Toyota held ?5.1 trillion in cash and equivalents as of March 31.

* Price Action: TM shares traded lower by 1.16% at $184.35 on the last check Tuesday.