What changed in this filing

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Item 1. Business

2023-02-21 compared with 2022-03-11 · 87 added, 152 removed, 335 unchanged (42% of the section changed)

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Unless the context otherwise requires, all references in this section to the “Company,” “Aurora,” “we,” “us,” or “our” refer to the business of Aurora Innovation Holdings, Inc.

and its subsidiaries prior to the consummation of the Business Combination (defined below), and to Aurora Innovation, Inc.

and its subsidiaries after the completion of the Business Combination.

and its subsidiaries prior to the consummation of the Merger (defined below), and to Aurora Innovation, Inc.

and its subsidiaries after the completion of the Merger.

Corporate History and Background

On November 3, 2021 (the “Closing Date”), Reinvent Technology Partners Y (“RTPY”), now known as Aurora Innovation, Inc., consummated a business combination with Aurora Innovation Holdings, Inc., a Delaware corporation (f/k/a Aurora Innovation, Inc.

On November 3, 2021 (the “Closing Date”), Aurora Innovation, Inc.

(f/k/a Reinvent Technology Partners Y and referred to herein as the “Company”), consummated a business combination with Aurora Innovation Holdings, Inc., a Delaware corporation (f/k/a Aurora Innovation, Inc.

and f/k/a Avian U Merger Holdco Corp.

and referred to herein as “Legacy Aurora”) , and RTPY Merger Sub Inc., a Delaware corporation and a direct wholly owned subsidiary of RTPY (“Merger Sub”), pursuant to an Agreement and Plan of Merger dated July 14, 2021 (the “Merger Agreement” and the transactions contemplated thereby, the “Business Combination”), by and among RTPY, Legacy Aurora and Merger Sub.

and referred to herein as “Legacy Aurora”), and RTPY Merger Sub Inc., a Delaware corporation and a direct wholly owned subsidiary of the Company (“Merger Sub”), pursuant to an Agreement and Plan of Merger dated July 14, 2021 (the “Merger Agreement” and the transactions contemplated thereby, the “Merger”), by and among the Company, Legacy Aurora and Merger Sub.

Our Class A common stock and public warrants are listed on Nasdaq under the symbols “AUR” and “AUROW,” respectively.

Our Class B common stock is neither listed nor publicly traded.

Pursuant to the terms of the Merger Agreement, a business combination between the Company and Legacy Aurora was effected through the merger of Merger Sub with and into Legacy Aurora, with Legacy Aurora surviving as the surviving company and as a wholly-owned subsidiary of RTPY.

On the Closing Date, the Company changed its name from Reinvent Technology Partners Y to Aurora Innovation, Inc.

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The Aurora Driver is designed as a platform to adapt and interoperate amongst a multitude of vehicle types and applications.

As of December 31, 2021, it has been successfully integrated into eight different vehicle platforms designed to meet its requirements:

To date, we have successfully integrated the Aurora Driver into numerous different vehicle platforms designed to meet its requirements:

from passenger vehicles to light commercial vehicles to Class 8 trucks.

By creating a common driver platform for multiple vehicle types and use cases, the capabilities we develop in one market reinforce and strengthen our competitive advantages in other areas.

For example, the capabilities needed for a truck to move safely at highway speeds would also be critical in ride hailing when driving a passenger to the airport via a highway.

We believe this is the right approach to bring self-driving to market and will enable us to capitalize on a massive opportunity, including the $4 trillion global trucking market, the $5 trillion passenger mobility market, and the $400 billion local goods delivery market.

Beyond the economic opportunity, we believe we have a unique opportunity to affect a material positive impact on the lives of millions of people, while also improving business productivity.

For example, highway driving capabilities developed for trucking will carry over to highway segments driven by passenger vehicles in ride hailing applications.

We believe this is the right approach to bring self-driving to market and will enable us to target and transform multiple massive markets, including trucking, passenger mobility, and local goods delivery.

Beyond the economic opportunity, we believe we have a unique opportunity to have a material positive impact on the lives of millions of people, while also improving business productivity.

First and foremost, we are focused on the opportunity to greatly improve road safety.

Every year more than a million people lose their lives on the world’s roads, and we believe we can meaningfully reduce this number.

In trucking, we can enable logistics networks to move goods more efficiently, and also help fill the shortage of 80,000 truck drivers as of 2021 by providing a self-driving option.

We will expand access to transportation, improving the lives of approximately 25.5 million people with a disability in the U.S.

In trucking, we can enable logistics networks to move goods more efficiently, and also help fill the shortage of truck drivers by providing a self-driving option.

We will expand access to transportation, improving the lives of the millions of people with a disability in the U.S.

who have difficulty traveling outside of the home.

And we will give people back their time;

the average driver spends the equivalent of 10 days a year commuting—time that can be made more productive and enjoyable.

And we will give people back their time that can be made more productive and enjoyable.

We intend to launch trucking as our first driverless product, as we believe its massive scale, significant structural need, attractive unit economics, and self-similar operating environment will allow us to rapidly deploy and profitably scale on high-volume, highway-focused routes.

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Today, we operate our self-driving test vehicle fleet in diverse weather and operating environments, across the Bay Area, Pittsburgh and Texas, allowing us to create a more robust self-driving system.

We also carry truck freight on behalf of our partners in preparation for driverless commercialization.

We also autonomously haul (under the supervision of vehicle operators) truck freight on behalf of our pilot customers in preparation for driverless commercialization.

Our first-principles approach, which we define as “Self-Driving 2.0,” underpins our technology development strategy for the Aurora Driver.

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We believe that when combined with our industry-leading sensor suite and perception system, this technology uniquely enables safe operation at highway speeds and is unmatched by our competitors’ alternative solutions.

We believe this unlocks the $4 trillion global trucking market, as trucks must be capable of operating at up to 65 miles per hour and 80,000 pounds gross vehicle weight, necessitating redundant long-range sensing in order to plan and take action appropriately.

We believe this unlocks the global trucking market, as trucks must be capable of operating at up to 65 miles per hour and 80,000 pounds gross vehicle weight, necessitating redundant long-range sensing in order to plan and take action appropriately.

High-speed operation is also key to unlocking the full opportunity set across passenger mobility and local goods delivery, where a significant percentage of trips require operation on highways and other high-speed roads.

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We have strategic partnerships with:

• PACCAR & Volvo, who together represent nearly 50% of US Class 8 truck sales.

• Toyota, the #1 passenger vehicle manufacturer by volume globally.

• Uber, the largest ride hailing company globally.

• PACCAR & Volvo, who together represent a significant share of US Class 8 truck sales.

• Toyota, a leading vehicle manufacturer globally.

• Uber, a leading ride hailing company globally.

With these strategic partnerships, each party is making significant investments towards integrating the Aurora Driver into their vehicles and logistics and mobility networks.

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We are proud that these industry leaders have selected Aurora as their self-driving partner.

During 2021, we launched commercial trucking pilots with Fedex and Uber Freight in which we began regularly and autonomously hauling loads under the supervision of vehicle operators, and also exploring integrating access to Uber Freight’s digital freight network within our autonomous trucking product.

To deliver our product, we plan to offer a Driver as a Service business model, whereby partners can subscribe on a per mile basis.

While we will supply self-driving technology, we do not intend to own nor operate large vehicle fleets ourselves.

During 2022, we operated commercial trucking pilots with FedEx, Werner, Schneider, and Uber Freight in which we regularly and autonomously haul loads under the supervision of vehicle operators, and also explore integrating access to Uber Freight’s digital freight network within our autonomous trucking subscription service.

We also announced a strategic collaboration with Ryder Systems to pilot on-site fleet maintenance to support current autonomous freight pilot operations and prepare for commercial operation at scale.

We expect to ultimately commercialize the Aurora Driver in a Driver as a Service (“DaaS”) business model, in which we will supply self-driving technology and earn revenue on a fee per mile basis.

We do not intend to own nor operate large vehicle fleets ourselves.

We will partner with automotive companies, fleet operators, and other third parties to commercialize and support Aurora-powered vehicles.

We expect this Driver as a Service model to enable an asset-light and high-margin revenue stream for Aurora, while allowing us to scale more rapidly through partnerships.

We expect that these strategic partners will support activities such as vehicle manufacturing, financing and leasing, service and maintenance, parts replacement, facility ownership and operation, and other commercial and operational services as needed.

We expect the DaaS model to enable an asset-light and high-margin revenue stream for Aurora, while allowing us to scale more rapidly through partnerships.

As of December 31, 2022, we have assembled an approximately 1,700-person team, consisting of leading experts in robotics, machine learning, hardware design, software engineering, systems engineering, and safety.

We believe that our combined experience and expertise allow us to move faster and more efficiently than our competitors as we make purposeful, foundational technological investments in safe and scalable self-driving technology.

The Self-Driving Industry

The concept of self-driving vehicles has captured the human imagination for nearly a century.

Early demonstrations, led by academics and industry experts, have shown both the promise of this technology as well as the difficulty of its development.

These scattered efforts were jump started in the early 2000s when the Defense Advanced Research Projects Agency (DARPA) sponsored a series of open competitions to focus and accelerate the efforts of various research groups.

Our Founder and Chief Executive Officer, Chris Urmson was the technical director for the Carnegie Mellon University team that progressed furthest in the first DARPA competition in 2004 and won the final, 60-mile long urban driving challenge in 2007.

Since that time, major automotive and technology companies, as well as promising startups, have invested heavily in this technology.

As a result, the industry has experienced rapid improvement in a multitude of areas including sensor range and accuracy, computing and processing capacity, machine learning techniques, vehicle integration, and safety redundancy.

Levels of Automation

To measure the scope of these systems, the Society of Automotive Engineers (SAE) has defined six levels of automation, from no automation (Level 0) to full automation (Level 5).

Advanced driver assistance (ADAS) technologies, which are reliant on human oversight and intervention, are classified as Level 1 and Level 2 automation.

Aurora’s technology is designed to deliver fully autonomous driving without the need for human intervention.

This is classified as Level 4 – High Automation, with the vehicle capable of performing all driving functions under certain conditions, such as specific road types and weather.

This set of conditions is referred to as the system’s “operating domain.” We believe that, because a driver is no longer required inside the vehicle, this level of automation allows for step-change benefits in both safety and efficiency and opens massive commercial opportunities.

Benefits of Automation

Key benefits of vehicle automation include:

Commercialization & Growth Strategy

We plan to commercialize the Aurora Driver safely, quickly, and broadly.

We believe our self-driving technology has a strong value proposition with benefits including:

• improved safety,

Each year 1.3 million people lose their lives in vehicle accidents globally.

In the United States, truck transportation is the industry occupation with the highest number of fatalities.

Human factors, such as fatigue, distraction, or recklessness, are estimated to contribute to up to 94% of crashes.

Autonomous cars and trucks can mitigate these factors through constant and consistent attention to the driving environment and advanced sensing and perception technology.

• faster, more efficient goods movement,

E-commerce continues to grow share of consumer purchases, and expectations for rapid, or same-day delivery are constantly increasing.

Today, truck drivers are limited to eleven hours per day of driving based on Hours of Service limitations.

Autonomous trucks will not be subject to these limitations, and we expect our trucks will be able to move freight more than twenty hours per day, thereby moving goods faster and more efficiently.

For example, this means a truckload of goods can be shipped from Los Angeles to Houston in one day, instead of two.

We believe this will enable smoother and more reliable supply chains and expand markets for manufacturers and retailers.

• more reliable freight supply,

The trucking industry currently faces an estimated 80,000 driver shortage, which is forecast to rise to 160,000 by 2028.

Fewer drivers are entering the trucking industry, and 54% of truckers were older than 45 years old in 2020, compared to 31% in 1994.

These factors drive the over 90% annualized turnover at large truckload carriers.

Labor related costs are also the leading cost component for trucking, representing 44% of per-mile trucking costs.

We believe autonomous trucks can address the driver shortage and meaningfully reduce costs.

• reduced insurance expenses,

The average cost of a large truck crash involving a fatality is $3.6 million.

Insurance costs rose 5% per year from 2010 to 2018, and the cost of insurance is consistently ranked as a top concern by truck carriers.

As we drive safety improvements for autonomous vehicles, we also enable meaningful cost savings.

• enhanced energy efficiency,

Transportation represents 29% of total US greenhouse emissions, of which 82% comes from light-duty vehicles and medium and heavy-duty trucks.

Several studies have shown that autonomous trucks have the potential to materially reduce fuel consumption and greenhouse gas emissions in excess of 10% through eco-driving, off-peak deployment, and capping peak speeds.

We also believe self-driving technology will accelerate the transition to next-generation power trains such as battery electric and hydrogen fuel cells, as we believe geofenced operations are more conducive to deploying new infrastructure, and cost savings, enabled by lower maintenance and fuel spend, are attractive drivers of fleet adoption.

• Increased access to passenger mobility.

Autonomous vehicles enable greater access to transportation by reducing the costs of transportation and providing a viable alternative to manually driven vehicles.

For example, according to the BTS Transportation Statistics Annual Report, more than 56 million Americans report having a disability, and an estimated 25.5 million people report having disabilities that make traveling outside the home difficult.

Even further, an estimated 3.6 million people with disabilities report not leaving their homes because they are disabled or housebound.

• increased access to passenger mobility, and

• greater individual productivity.

According to a study from Securing America’s Future (SAFE), in the United States, nearly 7 billion hours are spent in traffic each year.

We believe that self-driving technology will enable significant productivity gains for individuals who will gain the freedom to allocate time spent driving to other activities.

Commercialization & Growth Strategy

We plan to commercialize the Aurora Driver safely, quickly, and broadly.

Key tenets of our commercialization and growth approach are:

Prioritizing our development efforts based on return on investment .

The Aurora Driver will eventually be able to serve different applications and use cases over broad areas.

At the same time, our goal is to drive value quickly for our partners and society, as well as scale our business.

This leads us to trucking as our first commercial product, given massive industry demand, attractive unit economics, ability to deploy on high volume highway-focused routes, and self-similarity in the interstate highway system.

Similarly, as we extend capabilities and geographic reach in trucking and later rides, we will focus on the highest returning areas first, and extend outwards from there.

Using our common platform approach to scale and drive competitive advantage .

Because the Aurora Driver works across vehicle platforms and applications, we inherit the capabilities previously developed as we extend into new areas.

This allows us to earn a higher return on our development investment, and drive scale across use cases, which in turn increases our pace of learning and helps reduce the cost of our hardware.

Focusing on what we do best .

Our core business is developing the safest and best self-driving system in the world.

Our Driver as a Service business model recognizes the immense capabilities and strengths of our OEM, network and logistics partners and allows each party to focus on what they do best as we commercialize and scale our technology.

Building on our trusted reputation .

The opportunity to revolutionize transportation is massive, but this opportunity depends on trust.

Our technology needs to be trustworthy.

Our company needs to be trustworthy.

And so our task is to build trust, one step at a time.

We do so by engaging with different stakeholder groups – local, state and federal governments, partners, and the general public.

We believe that the credibility and trust we continue to build will serve us well as we deliver this technology.

Vehicles drove over 3.2 trillion miles in the United States in 2019.

This represents a massive potential market opportunity for self-driving technology.

We estimate that our core markets of trucking, passenger mobility, and local goods delivery currently generate $2 trillion of revenue in the United States, and over $9 trillion globally.

As a fully integrated L4 autonomous driving system, we believe the Aurora Driver will be uniquely positioned to capture market share and play a critical role in the evolving autonomous vehicle ecosystem.

We plan to launch Aurora Horizon, our driverless trucking subscription service, as our first commercial product.

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• Commercial .

Trucking generated over $700 billion in revenue and 300 billion vehicle miles traveled in the US in 2019.

Trucking is a critical part of the United States economy, responsible for moving 65% of goods.

Globally, we estimate that trucking is a $4 trillion industry.

The trucking industry faces a number of ongoing challenges that the Aurora Driver can help solve.

As a critical part of the United States economy, responsible for moving a significant portion of goods, the trucking industry is a large market opportunity.

The trucking industry also faces a number of ongoing challenges that the Aurora Driver can help solve.

The industry has experienced a persistent driver shortage, resulting in high driver turnover.

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By enabling greater efficiency, autonomous trucks can have a significant positive impact.

For these reasons, the US Department of Transportation has recently stated that autonomous trucking has the potential to add over $68 billion to US GDP.

For these reasons, the US Department of Transportation has stated that autonomous trucking has the potential to be meaningfully additive to US GDP over time.

We believe our technology can help solve key pain points of fleet owners by providing a consistent driver supply, the ability to offer fast and efficient transport, and fuel efficiency.

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Aurora’s investment in long-range perception, including Aurora’s proprietary FirstLight Lidar, enables us to solve this, while benefiting from the other elements that make deploying trucks on highways an advantageous initial market entry point.

We plan to initially launch Aurora Horizon, our driverless trucking product, in late 2023 in Texas, which has the largest freight market in the US, a favorable business and regulatory environment, and moderate weather.

During 2022, we operated commercial trucking pilots with FedEx, Werner, Schneider, and Uber Freight in which we regularly and autonomously hauled loads under the supervision of vehicle operators, and also explored integrating access to Uber Freight’s digital freight network within our autonomous trucking subscription service.

We also announced a strategic collaboration with Ryder Systems to pilot on-site fleet maintenance to support current autonomous freight pilot operations and prepare for commercial operation at scale.

We plan to initially launch Aurora Horizon in Texas, which has the largest freight market in the US, a favorable business and regulatory environment, and moderate weather.

These characteristics make it an attractive market for our initial driverless launch.

From there, we plan to expand to other key freight corridors, which we will prioritize based on commercial, technical, and regulatory considerations.

We expect to expand nationwide over the course of the decade.

Passenger Mobility

Our second core market focuses on passenger mobility, initially targeting the ride hailing space with Aurora Connect, our driverless ride hailing subscription service.

Based on public filings, we estimate that the U.S.

ride-hailing market was a $35 billion market in 2019, growing at more than 10% annually.

Beyond ride-hailing, the broader passenger mobility market includes nearly 2 trillion vehicle miles driven by personally owned light-duty vehicles in urbanized areas.

According to the Bureau of Transportation Statistics, the U.S.

passenger mobility market is in excess of $1 trillion.

Alongside health, housing, and food, transportation is one of the largest segments of U.S.

household spending.

Globally, we estimate that passenger mobility represents a $5 trillion market.

As it exists today, however, passenger mobility is subject to inefficiencies and responsible for notable negative impacts – roadway deaths, lost productivity, and greenhouse gas emissions.

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We believe that the Aurora Driver can provide a safer alternative to manually-driven transport, return numerous hours that would otherwise have been spent driving, and expedite the transition to electric vehicles.

We believe technological advancements in ride-hailing and lower structural costs, enabled by self-driving technology, will expand ride-hailing into more passenger mobility use cases and drive mass adoption, further democratizing access to mobility.

We aim to improve the rider experience through the quality, cleanliness, and consistency of the Aurora Driver-powered fleet while also offering more rider control over the in-vehicle experience (e.g.

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airport trips, commutes, social rides) that further improve the experience offered today.

We plan to launch Aurora Connect, our driverless ride hailing product, in late 2024, leveraging our strategic relationships with Toyota and Uber.

We plan to launch Aurora Connect following the launch and initial expansion of Aurora Horizon, leveraging our strategic relationships with Toyota and Uber.

As we use the same Aurora Driver hardware and software as for trucking, we will leverage capabilities already in use by our trucking product.

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Local Goods Delivery

Our third core market is local goods delivery, which we estimate to be a $100 billion market in the United States and $400 billion globally, growing at more than 10% annually, based on public filings and industry reports.

This market spans several sub-segments, including last-mile parcel and post, prepared food, grocery, and business-to-business (B2B) delivery.

Our third core market is local goods delivery, which spans several sub-segments, including last-mile parcel and post, prepared food, grocery, and business-to-business (“B2B”) delivery.

The COVID-19 pandemic has highlighted the importance of local goods delivery, as well as the supply chain disruptions that can be experienced when consumer behavior changes abruptly.

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Our company consists of world-leaders in robotics, machine learning, hardware design, software engineering, systems engineering, and safety.

Aurora has over 1,100 awarded and

pending patents worldwide.

Aurora has over 1,300 awarded and pending patents worldwide.

In 2021, Aurora acquired and integrated Uber’s self-driving unit, strengthening our team, our technology, and our intellectual property.

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This allows us to scale faster and more efficiently.

With PACCAR and Volvo, we are partnered with OEMs holding almost 50% of the US truck market;

with Toyota, we are partnered with the number one passenger car OEM in the world;

and with Uber, we are partnered with the number one ride hailing company in the world.

We believe partnerships like these will be important in being able to bring a safe, scalable solution to market quickly.

Efficiency of development and operation

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The Aurora Driver is based on a common driver platform design that can integrate with vehicles of various makes, models, and classes to serve multiple commercial applications.

To date, we have successfully integrated the Aurora Driver across numerous different vehicle platforms.

The Aurora Driver is designed to deliver fully autonomous driving without the need for a human in the vehicle.

This is classified as Level 4 – High Automation, with the vehicle capable of performing all driving functions under certain conditions, such as specific road types and weather.

Aurora’s custom-designed hardware suite includes full sensor coverage on three sensing modalities:

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The computer powers Aurora’s self-driving software, which plans a safe path of motion for the vehicle in order to reach its destination.

The Aurora Driver has been designed to be consistent and transferable across different vehicle types, be it a sedan, a van, or a Class 8 truck.

This includes purposeful design choices including a hardware suite that is consistent across vehicle types, software that adapts to the unique dynamics of the vehicle it controls, and a system interface over a single umbilical.

As of December 31, 2021, the Aurora Driver had been successfully integrated across eight different vehicle platforms.

The commercial self-driving vehicles that integrate with the Aurora Driver will include redundant steering, braking, and power to promote safe vehicle operation in the event of a component failure.

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Driver as a Service Business Model

The Aurora Driver will be delivered as a service via Aurora Horizon, our driverless trucking product, and Aurora Connect, our driverless ride hailing product.

The Aurora Driver will be delivered as a service via Aurora Horizon, our driverless trucking subscription service, and Aurora Connect, our driverless ride hailing subscription service.

We intend to partner with our ecosystem of OEMs, fleet operators, and mobility and logistics services, as well as other third parties, to commercialize and support Aurora-powered vehicles.

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Updates to the Aurora Driver, including map and software updates;

Access to the Aurora Cloud platform, which will interface with their systems and enable efficient dispatch, deployment, and fleet monitoring;

Teleassistance support, where trained specialists monitor Aurora Driver-powered vehicles and provide high level guidance when needed;

Access to Aurora Beacon, which will interface with their systems and enable efficient dispatch, deployment, and fleet monitoring;

Aurora Beacon support, where trained specialists monitor Aurora Driver-powered vehicles and provide high level input when needed;

Access to Aurora-certified third party services, including maintenance of the Aurora Driver, roadside assistance for the Aurora Driver, and insurance.

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Our values are:

Focus for Impact.

We create space to solve problems that matter.

We don’t have time for distractions, so we work with urgency and focus on the work that will accelerate our progress towards our mission and strengthen our company;

Operate with Integrity .

We do the right thing.

Our success depends on being trustworthy.

Our task is to build and earn trust with everything that we do;

We are solving one of the most challenging problems of our generation—and we’ll get there by fostering a culture of depth, focus, and rigorous engineering;

We solve hard technical problems through discussion and collaboration.

We assume the best intent in people and trust we are all working towards the common goal;

Be reasonable .

We expect each other to use good judgment and always have the best interest of the company and our partners in mind;

Set outrageous goals .

We set ambitious goals and move with urgency to deliver our best work;

We are thoughtful and use good judgment.

And, we always keep the best interest of our people and our mission at the forefront of how we work;

Celebrate our Diversity.

Inviting and including diverse perspectives and experiences make us stronger as a team, and help us better represent the world we live in.

We are building a technology and a company to serve all people and all communities;

Rise to the Occasion.

We’re charting a path that is challenging yet filled with an incredible opportunity to impact generations to come.

This is not an easy task, it takes resilience, hard work and dedication.

Embracing the hard stuff energizes and inspires us to continue.

We rally to deliver on our commitments to our partners and each other;

Win together .

We are building a technology and a company that will serve people and communities around the world.

Our team’s diverse perspective and experience makes us stronger, and better reflects the world we live in.

We are a stronger team when we elevate our unique strengths in service of our common goals.

We thrive on open and honest communication to create an environment of mutual accountability, understanding, achievement, and respect;

We work from the assumption that people are good, fair, and honest and that the intention behind their actions is positive.

We are intentional in how we communicate and interact, and we hold each other accountable.

Our main sources of competition fall into two categories:

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Our patents and patent applications cover a broad range of technology relevant to self-driving vehicles.

In connection with our acquisition of Apparate, we acquired certain intellectual property that may be the subject of a bankruptcy proceeding claim by Anthony Levandowski.

We are not a party to those proceedings.

In the event that the bankruptcy court rules in favor of Mr.

Levandowski with respect to his bankruptcy claims against Uber, certain of the intellectual property we acquired in our acquisition of Apparate may be adversely affected.

Material Agreements

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This partnership brings PACCAR and Aurora engineering teams together around an accelerated development program to create truly driverless-capable trucks, starting with the Peterbilt 579 and Kenworth T680.

PACCAR and Aurora plan to develop a suite of self-driving fleet services, including servicing and maintenance for the deployment and operation of these trucks at scale over the next several years.

PACCAR and Aurora plan to develop a suite of self-driving fleet services, including servicing and maintenance options for the deployment and operation of these trucks at scale over the next several years.

Uber Strategic Partnership

In January 2021, we acquired Uber’s self-driving unit.

This acquisition expanded our talent base by over 900 employees, and we gained significant research and technical assets that strengthened and accelerated the first Aurora Driver application for heavy-duty trucks while allowing us to continue and accelerate our work on light-vehicle products.

This acquisition expanded our talent base significantly, and we gained valuable research and technical assets that strengthened and accelerated the first Aurora Driver application for heavy-duty trucks while allowing us to continue and accelerate our work on light-vehicle products.

In addition to acquiring Uber’s self-driving unit, we announced a strategic partnership with Uber that connects our technology to the world’s leading ride-hailing platform and strengthens our position to deliver the Aurora Driver broadly.

In support of our partnership with Uber, and concurrent with the acquisition of Uber’s self-driving unit, Uber invested $400 million in Aurora and Uber Chief Executive Officer Dara Khosrowshahi is a member of our board of directors.

As part of our partnership with Uber, we receive unique access to Uber data.

As part of our partnership with Uber, we receive access to Uber data.

This allows more efficient development and operation, as we are able to refine our market selection and prioritize our capability roadmap based on real-world data.

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In February 2021, we announced a long-term, global, and strategic collaboration with Toyota and DENSO, one of the largest global automotive manufacturers and tier-one automotive suppliers, respectively, to build and globally deploy self-driving cars at scale.

As part of this collaboration, our engineering teams will jointly develop and test driverless-capable vehicles equipped with the Aurora Driver, starting with the Toyota Sienna.

As part of this collaboration, our engineering teams are jointly developing and testing driverless-capable vehicles equipped with the Aurora Driver, starting with the Toyota Sienna.

As part of this long-term effort, we will be exploring mass production of key autonomous driving components with DENSO and a comprehensive services solution with Toyota for when these vehicles are deployed at scale, including financing, insurance, maintenance, and more.

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These trucks will combine the best of Volvo’s technology with the Aurora Driver into a compelling and scalable logistics platform.

As Volvo’s official technology partner, we will develop an unprecedented autonomous offering with one of the most trusted commercial truck manufacturers in the world.

As Volvo’s official technology partner for US hub-to-hub solutions, the parties will develop an unprecedented autonomous offering with one of the most trusted commercial truck manufacturers in the world.

This partnership will be the center of the integration of the Aurora Driver into Volvo’s on-highway trucks and development of industry-leading Transportation as a Service solutions.

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As vehicles equipped with our sensors are deployed on public roads, we will be subject to legal and regulatory authorities such as the National Highway Traffic Safety Administration (NHTSA), the Federal Motor Carrier Safety Administration (FMCSA), state agencies like Departments of Transportation or Departments of Motor Vehicles, and local transportation departments.

As the development of federal, state and foreign legal frameworks around autonomous vehicles continue to evolve, we may be subject to additional regulatory schemes.

As the development of federal and state legal frameworks around autonomous vehicles continue to evolve, we may be subject to additional regulatory schemes.

We do not anticipate any near-term federal standards that would impede the foreseeable deployments of our technology.

federal regulations are largely permissive of deployments of higher levels of safe and responsible autonomous functionality.

States, such as Arizona, Florida, Nevada, and Texas, continue to attract self-driving companies with a welcoming regulatory climate that provides the predictability necessary to deploy our technology in those communities.

States, such as Arizona, Florida, Nevada, Pennsylvania, and Texas, continue to attract self-driving companies with a welcoming regulatory climate that provides the predictability necessary to deploy our technology in those communities.

Some states, particularly California, institute operational requirements or restrictions for certain autonomous functions.

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By working with these officials to develop technology neutral policies that promote a diverse set of highly automated vehicle use cases and create a level playing field for the industry, we believe that Aurora will be able deliver the benefits of self-driving technology safely, quickly, and broadly.

Similar such reporting and regulatory requirements exist in foreign markets.

Similar such reporting and regulatory requirements exist or are being developed in foreign markets.

For example, markets such as the EU also continue to develop their respective standards to define deployment requirements for higher levels of autonomy.

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Achieving our mission—delivering the benefits of self-driving technology safely, quickly, and broadly—is how we aim to make a positive impact in communities.

We strive to revolutionize transportation by making roads safer, providing better services for people who currently have difficulty accessing transportation, freeing up time during commutes, and helping goods more efficiently reach those who need them.

Successfully achieving our mission also means promoting development across and around the transportation landscape by creating new opportunities and access to the economy.

As part of our commitment to work with communities where Aurora has a presence and educate them on the benefits of self-driving technology, we partner with local organizations that help bridge the digital divide and promote STEM education.

Our Aurora Community Engagement (ACE) Program works with our local partners to identify opportunities for Aurora employees to volunteer in our community specifically with programs that strengthen and diversify the STEM workforce.

We strive to revolutionize transportation by making roads safer, helping goods to more efficiently reach those who need them, reducing greenhouse gas emissions, providing better services for people who currently have difficulty accessing transportation, and freeing up time during commutes.

Aurora remains deeply committed to the communities in which we have a presence - partnering with educational institutions and community based organizations to educate on the benefits of self-driving technology - investing in programs that address community workforce needs while strengthening the pipeline of diverse talent to fuel key business needs.

A key example of these efforts is the novel, widely acknowledged partnership Aurora has facilitated with Pittsburgh Technical College, which now offers an industry-aligned program to prepare technicians for key jobs.

Diversity and Inclusion

We are committed to diversity and inclusion.

One of our core values — Win Together — is based on bringing together diverse background and perspectives.

One of our core values — Celebrate our Diversity — is based on bringing together diverse backgrounds and perspectives.

We celebrate the diversity of the people, experiences, and backgrounds that make up Aurora, and we encourage each other to speak up and share perspectives, respectfully and thoughtfully.

We are building technology that will impact all people, so we strive to foster and embrace diversity throughout our business and our teams to bring us closer to those we serve.

We are building technology that will benefit all people and all communities, so we strive to foster and embrace diversity throughout our business and our teams to bring us closer to those we serve.

Sustainability

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Longer-term, we believe commercialization of our self-driving technology will contribute to a more sustainable future given the potential to materially reduce fuel consumption and greenhouse gas emissions.

We believe that autonomous trucks have the potential to materially reduce fuel consumption and greenhouse gas emissions meaningfully through eco-driving, off-peak deployment, and capping peak speeds.

As of December 31, 2022, we have approximately 1,700 employees.

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To date, we have not experienced any work stoppages.

We have built a company culture which is anchored in our values:

operating with integrity, focusing for impact, no jerks, celebrating our diversity, rising to the occasion, and winning together.

We reinforce our values by aligning our work to company objectives and key results and by providing meaningful and challenging growth opportunities for our employees.

We offer a variety of people-focused initiatives, including learning and development, transparent career paths, and a focus on diversity, equity, and inclusion.

We offer opportunities for meaningful and fun connections through company events and team-building activities.

We celebrate our employees’ achievements through company-wide recognition programs.

Alongside these programs, we offer a competitive total rewards package including industry-benchmarked base salaries and a performance-based bonus plan, equity ownership, generous time off, paid parental leave, a 401(k) to help our employees plan for the future, and a wide selection of health and wellness benefits plans for employees and their dependents.

We also proactively gather employee feedback through various channels, including surveys and focus groups to ensure changes to our employee experience are meaningful and relevant.

Corporate Information

Our principal executive offices are located at 1654 Smallman St, Pittsburgh, Pennsylvania 15222.

The transfer agent and registrar for our common stock and the warrant agent for our warrants is American Stock Transfer & Trust

The transfer agent and registrar for our common stock and the warrant agent for our warrants is American Stock Transfer & Trust Company.

The transfer agent’s address is 6201 15th Avenue, Brooklyn, New York 11219, and its telephone number is (800) 937-5449.

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Our website address is www.aurora.tech.

Information contained on, or that can be accessed through, our website is not incorporated by reference into this Annual Report on Form 10-K, and you should not consider information on our website to be part of this Annual Report on Form 10-K.Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to reports filed pursuant to Sections 13(a) and 15(d) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, are filed with the SEC.

Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to reports filed pursuant to Sections 13(a) and 15(d) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, are filed with the SEC.

Such reports and other information filed by us with the SEC are available free of charge on our website at ir.aurora.tech when such reports are available on the SEC’s website.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business