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Serve Robotics appoints Magna International as exclusive manufacturer of delivery droids
Last-mile Delivery Automation
Apr 24, 2024
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Last-mile Delivery Automation

Last-mile Delivery Automation

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Apr 24, 2024

Serve Robotics appoints Magna International as exclusive manufacturer of delivery droids

Partnerships

  • Serve Robotics, a company offering droid-based delivery services, has expanded its partnership with automotive supplier, Magna International, making Magna the exclusive manufacturer of Serve's delivery robots.

  • The partnership is expected to support Serve's goal to deploy up to 2,000 robots across the US within the Uber Eats platform.

  • This extension builds upon a previous licensing agreement that allowed Magna to utilize Serve's pioneering technology to develop novel robotic products. 

  • Analyst QuickTake: Today’s news comes from Serve Robotics announcing a USD 40 million public offering and uplisting on Nasdaq transitioning from the OTCQB Venture Market where it was previously listed. The company intended to use the funds partially to expand the manufacturing of its droids. On a separate note, rival droid maker Carkten also has a September 2022 partnership with Magna International to produce its droids.

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