News

News

Toyota, DENSO and Softbank to invest US$ 1B in Uber

  •  

Last week, we reported that Uber had filed for an IPO and was expecting to raise US$ 10 billion. Toyota, DENSO and Softbank Vision Fund (SVF) will be investing US$ 1 billion into the ride-hailing company’s Advanced Technologies Group (ATG), which aims to accelerate the development of automated ride-sharing services.

As part of the deal, the Toyota and DENSO will invest US$ 667 million while SVF will put in US$ 333 million. This investment values Uber ATG at US$ 7.25 billion. Toyota will also contribute a further US$ 300 million over the next 3 years to cover the costs associated with this project.

This is not the first time Toyota has partnered with Uber. In 2018, the company invested US$500 million to deploy Toyota Siena-based autonomous vehicles on a pilot basis by 2021.

 
 
Got BHP?