Cabvision TaxiPoint GIF.gif

Toyota, DENSO and SoftBank Vision Fund to Invest $1 Billion in Uber’s Advanced Technologies Group

23 Apr 2019

 

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.

Under the terms, Toyota and DENSO will together invest $667 million and SVF will invest $333 million, valuing the new Uber ATG entity at $7.25 billion on a post-money basis.

Toyota invested $500 million in Uber in August 2018, when the two companies announced their intention to bring pilot-scale deployments of automated Toyota Sienna-based ridesharing vehicles to the Uber ridesharing network in 2021, leveraging the strengths of Uber ATG’s self-driving technology alongside the Toyota Guardian™ advanced safety support system.


According to Uber this further investment and expanded partnership builds upon the progress made to date, deepening the companies’ collaboration in designing and developing next-generation autonomous vehicle hardware. It will also prepare the companies and industry for mass production and commercialization of automated ridesharing vehicles and services. Toyota will also contribute up to an additional $300 million over the next three years to help cover the costs related to these activities.

Dara Khosrowshahi, CEO of Uber, said, “This investment and our strong partnership with the Toyota Group are a testament to the incredible work of our ATG team to date, and the exciting future ahead for this important project, alongside great partners. The development of automated driving technology will transform transportation as we know it, making our streets safer and our cities more livable. Today’s announcement, along with our ongoing OEM and supplier relationships, will help maintain Uber’s position at the forefront of that transformation.” 

Please reload

  • Facebook
  • Twitter
  • YouTube Social  Icon
  • Instagram Social Icon
  • Facebook TaxiPoint
  • Twitter TaxiPoint
  • YouTube TaxiPoint
  • Instagram

Featured Stories

Please reload

ltda banner.JPG
black.gif
advert gif.GIF
TaxiPoint--300x200px-MLP-GIF.gif
advert gif.GIF
advert gif.GIF
RSS Feed

The views expressed in this publication are not necessarily those of the publishers.

 

All written and image rights are reserved by authors displayed.

Reproduction in whole or in part without prior permission from the publisher is strictly prohibited.

All written content Copyright of TaxiPoint 2019. Creative Common image licenses displayed where applicable.