Serve Robotics Inc. (SERV) announced an expansion of existing agreement with Magna International Inc. (MG.TO,MGA) to accelerate the adoption of robotics in logistics. 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.
The agreement extends the partnership established by a licensing agreement effective February 20, 2024, under which Serve granted Magna a non-exclusive license to its technologies and expertise, enabling Magna to further develop new products in the robotics and logistics space.
Spun off from Uber in 2021 as an independent company, Serve Robotics develops advanced, AI-powered, low-emissions sidewalk delivery robots.
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Business News
June 19, 2026 16:46 ET Major central banks continued to dominate the economic news flow this week too, led by the Federal Reserve, as they announced their latest policy decisions. The Federal Reserve policy session was in focus as it was the first to be led by the new chief Kevin Warsh. In Europe, central banks of the U.K. and Switzerland announced their rate decisions. In Asia, the Bank of Japan drew attention for its policy moves, while data out of China threw some light on the state of the economy.