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The goal is to help finance the company\u2019s investment needs, Bloomberg <\/span>reported<\/span><\/a> Thursday (Sept. 4), citing unnamed sources.<\/span><\/p>\n Daimler is working with <\/span>Bank of America<\/span><\/a> to find potential investors interested in purchasing a minority stake in Torc, the report said. The goal is to raise capital to support the unit\u2019s roughly $660 million in yearly spending.<\/span><\/p>\n Daimler Truck owns around 91% of Torc, and the other shares are held by the robotics firm\u2019s founders. Talks are still at an initial stage, and details like the potential size of a stake sale haven\u2019t been hammered out, according to the report.<\/span><\/p>\n \u201cIn general, Daimler Truck is prepared to consider new investors if they can offer meaningful value to our autonomous driving initiatives and support the company\u2019s growth,\u201d a spokesperson for the truck maker said, per the report.<\/span><\/p>\n Torc develops Level 4 <\/span>autonomous driving<\/span><\/a> technology, which includes systems that can handle all aspects of driving in certain conditions without human intervention, the report said. Its focus is on heavy-duty trucks.<\/span><\/p>\n Torc was <\/span>acquired<\/span><\/a> by Daimler Truck in 2019 and has since been integrated into the manufacturer\u2019s larger effort at commercializing driverless freight transport, per the report.<\/span><\/p>\n Daimler Truck last year debuted a \u201c<\/span>demonstration vehicle<\/span><\/a>\u201d for an autonomous freight offering. It said the offering has the potential to evolve into a modular, scalable platform that is propulsion agnostic for flexible use in a range of trucking applications. It said it plans to launch the offering in 2027.<\/span><\/p>\n PYMNTS wrote earlier this year about the rise of <\/span>autonomy as a service<\/span><\/a> (AaaS), a model in which self-driving capabilities are not just integrated into cars but offered as scalable platforms that are, in many cases, devoid of human drivers.<\/span><\/p>\n