Japan's carmaker Toyota Motor, automotive components manufacturer Denso as well as SoftBank Vision Fund will invest $1 billion in the Uber Technologies Inc's unit to develop self-driving cars, Uber said in a statement
MOSCOW (Pakistan Point News / Sputnik - 19th April, 2019) Japan's carmaker Toyota Motor, automotive components manufacturer Denso as well as SoftBank Vision Fund will invest $1 billion in the Uber Technologies Inc's unit to develop self-driving cars, Uber said in a statement.
"Toyota Motor Corp. (Toyota), DENSO Corporation (DENSO) and the SoftBank Vision Fund (SVF) announced today that they will invest $1 billion in Uber Technologies Inc.'s Advanced Technologies Group (Uber ATG). The investment, in a newly formed ATG corporate entity, aims to accelerate the development and commercialization of automated ridesharing services," the statement said on Thursday.
According to the reached agreement, Toyota and Denso will together invest $667, while the SVF $333 million.
"Toyota will also contribute up to an additional $300 million over the next three years to help cover the costs related to these activities," Uber stressed.
According to Uber CEO Dara Khosrowshahi, the investments will help Uber accelerate the development of self-driving cars.
"We believe that the combined work of Toyota, DENSO, and Uber ATG on developing next-generation autonomous vehicle hardware will accelerate the timeline for and early success of automated ridesharing services," Khosrowshahi said, as quoted by the statement.
Uber is a taxi service that allows users to order a private taxi. The company was created in 2009 and is headquartered in San Francisco.
