Uber's self-driving car unit wins $1 BILLION investment from SoftBank and Toyota
Friday 19/April/2019 - 07:40 PM
Uber's autonomous vehicle unit has raised $1 billion from a consortium of investors including SoftBank، giving the company a much-needed funding boost for its pricey self-driving ambitions on the eve of its public stock offering، as the Daily Mail said.
The ride-hailing giant said on Thursday that the investment valued its Advanced Technologies Group، which works to develop autonomous driving technology، at $7.25 billion.
SoftBank will invest $333 million from its $100 billion Vision Fund، while Toyota and automotive company Denso will combined invest $667 million. The development of automated driving technology will transform transportation as we know it، making our streets safer and our cities more livable،' Uber CEO Dara Khosrowshahi said in a statement.
'Today’s announcement، along with our ongoing OEM and supplier relationships، will help maintain Uber’s position at the forefront of that transformation.'
Reuters had reported in March talks of the investment in ATG، which has locations in Pittsburgh، San Francisco and Toronto.
The funding allows Uber to transfer some of the substantial cost of developing self-driving cars onto outside investors. The company is not even offering free rides in the robot cars to passengers، like some of its rivals are، following a fatal crash last year in Arizona involving an Uber self-driving SUV.