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A Drive.ai van in Frisco, Tex. Photo: Kaveh Waddell/Axios

Apple bought Drive.ai, an autonomous driving startup once valued at $200 million, and has hired dozens of Drive.ai engineers, Apple confirmed to Axios on Tuesday.

Why it matters: The deal and hires confirm that Apple hasn't given up its autonomous driving project.

Details: The deal comes after Drive.ai talked with multiple potential acquirers, but in the end Apple won out. Apple also purchased Drive.ai's autonomous cars and other assets, sources tell Axios.

  • Drive.ai ceased operations within the last 2 weeks.
  • Apple’s hires are mostly in engineering and product design, per a source.

The purchase price was not disclosed. Apple was expected to pay less than the $77 million Drive.ai raised in venture capital, to say nothing of the $200 million it was valued at two years ago, after its Series B round, Axios' Dan Primack reported recently.

The backdrop: Drive.ai's highlighter-orange vans ferried workers around a business park in Frisco, Tex., and shuttled fans in nearby Arlington to Cowboys games.

Drive.ai is laying off 90 workers in California, the San Francisco Chronicle reported. And the company employed many more in Texas.

Go deeper

Updated 1 hour ago - Politics & Policy

Bipartisan police reform negotiations end without deal

Rep. Karen Bass (D-Calif.) with Sens. Tim Scott (R-S.C.) and Cory Booker (D-N.J.) in the Capitol in May 2021. Photo: Drew Angerer/Getty Images

Bipartisan talks on reforming police tactics and accountability, prompted by George Floyd's murder in May 2020, have ended without a compromise, Sen. Cory Booker (D-N.J.), a key negotiator, said Wednesday.

Why it matters: Lawmakers, led by Rep. Karen Bass (D-Calif.) and Sens. Tim Scott (R-S.C.) and Booker, had been working toward a bipartisan deal for months but things fell apart due to disagreements on qualified immunity and other issues.

Federal Reserve scales back expectations for economic recovery as Delta variant weighs

Fed chair Jerome Powell during a congressional hearing last year. (Photo: Stefani Reynolds/Bloomberg via Getty Images)

The Fed downgraded near-term expectations for the economy and the labor market, alongside hotter-than-expected inflation, in new estimates out on Wednesday.

Why it matters: It's the first time those closely-watched estimates reflect impact from the delta variant that's already rattled the labor market. Still, Fed chairman Jerome Powell said enough progress has been made to begin to pull back emergency-era measures that have supported the economy.

Biden speaks with Macron for first time since diplomatic crisis

President Biden and French President Emmanuel Macron have a conversation ahead of the NATO summit in Brussels, on June 14, 2021. Photo: Dursun Aydemir/Anadolu Agency via Getty Images

President Biden on Wednesday spoke with French President Emmanuel Macron for the first time since a diplomatic row erupted over a scrapped submarine order, per the White House.

Driving the news: Macron said that the French ambassador will return to Washington next week and will resume working with senior U.S. officials.