Uber self-driving tech group receives $1B investment led by Toyota
Toyota and Uber are working on self-driving minivans.
Jake HolmesReviews Editor
While studying traditional news journalism in college, Jake realized he was smitten by all things automotive and wound up with an internship at Car and Driver. That led to a career writing news, review and feature stories about all things automotive at Automobile Magazine, most recently at Motor1. When he's not driving, fixing or talking about cars, he's most often found on a bicycle.
The company said that this new investment into the Uber Advanced Technologies Group will help "accelerate the development and commercialization of automated ridesharing services." Toyota and its supplier Denso account for $667 million of the investment figure, with SoftBank contributing the remaining $333 million. Toyota also plans to invest up to $300 million more over the next three years to "help cover the costs related to these activities," Uber said.
More specifically, Uber said this round of investment will finance more research and development of the hardware needed for autonomous cars, as well as helping start mass production and commercialization of self-driving ridesharing vehicles. Uber has made no secret of the fact it wants to launch self-driving services, eventually cutting today's human drivers out of the loop.
"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."
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