- Serve to rely on Magna's manufacturing expertise to scale
its fleet to up to 2,000 robots for Uber Eats and for geographic
expansion
- Magna has been licensing Serve's technology to support
development of new robotic products
SAN
FRANCISCO, April 24, 2024 /PRNewswire/ -- Serve
Robotics Inc. (the "Company" or "Serve") (NASDAQ:SERV), a leading
autonomous sidewalk delivery company, today announced an expansion
of their existing agreement with Magna International Inc. ("Magna")
(TSX: MG; NYSE: MGA), one of the world's largest automotive
suppliers, to accelerate the adoption of robotics in logistics.
Under the terms of a new production and purchase agreement
effective April 24, Magna will become
the exclusive contract manufacturer of Serve's delivery robots,
supporting Serve's plan to deploy up to 2,000 robots on the Uber
Eats platform across multiple U.S. markets.
This new agreement extends the partnership established by a
previously disclosed licensing agreement effective February 20, 2024, under which Serve granted
Magna a non-exclusive license to its market-leading technologies
and expertise, enabling Magna to further develop new products in
the robotics and logistics space.
"Serve is a leader in creating robots that navigate complex
human environments. Following our successful public offering, we
are excited to start working to scale our robotic fleet with
Magna's world-class manufacturing capabilities. 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. Magna is a valuable
partner in this effort," said Ali
Kashani, CEO of Serve Robotics.
"Magna is excited to continue collaborating with Serve,
leveraging our manufacturing and technical expertise to help fuel
Serve's growth potential," said Matteo
Del Sorbo, Executive Vice President of Magna,
responsible for New Mobility globally.
About Serve Robotics
Backed by Uber and NVIDIA, Serve Robotics develops advanced,
AI-powered, low-emissions sidewalk delivery robots that endeavor to
make delivery sustainable and economical. Spun off from Uber in
2021 as an independent company, Serve has completed tens of
thousands of deliveries for enterprise partners such as Uber Eats
and 7-Eleven. Serve has scalable multi-year contracts, including a
signed agreement to deploy up to 2,000 delivery robots on the Uber
Eats platform across multiple U.S. markets.
For further information about Serve Robotics (NASDAQ:SERV),
please visit www.serverobotics.com or follow us on social media via
X (Twitter), Instagram, or LinkedIn @serverobotics.
Serve Contact
Aduke Thelwell
Head of Communications & Investor Relations
Serve Robotics
aduke.thelwell@serverobotics.com
347-464-8510
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SOURCE Serve Robotics Inc.