- Sep 03, 2019
- Aug 21, 2019
Uber announced that its Advanced Technologies Group (ATG) unit has received investment of $ 1 billion from automaker Toyota, operator SoftBank and automotive component maker Denso. The amount should be used for the development of standalone car technologies from the shared travel company.
Toyota and Denso injected $ 667 million, while SoftBank offered $ 333 million. Under the agreement, the ATG unit is valued at $ 7.25 billion. That estimate adds up to another 2018 investment by Uber of $ 500 million from Uber, which should be used to build a small autonomous fleet of Sienna minivans.
"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 promising future for this important project with major partners," Uber CEO Dara Khosrowshahi said in a statement.
"The development of automated driving technology will transform transportation as we know it. Today's announcement, along with our ongoing relationships with manufacturers and suppliers, will help keep Uber's position at the forefront of this renewal. "
According to the company's official publication, Toyota is expected to invest U $ 300 million in Uber over the next 3 years. This amount should be used to cover the costs of designing, developing and marketing autonomous vehicles and shared transport services.
Uber's public offering, which takes place at the end of 2019, aims to raise another US $ 10 billion, an amount capable of generating a valuation of up to US $ 100 billion.
Last year, Uber was sued for causing the death of Elaine Herzberg, a 49-year-old pedestrian, during the company's stand-alone car testing. The accident forced the closure of this type of activity in the city of Tempe, Arizona. The local court recently ruled that Uber was not responsible for the fatality.
The announcement of the investment was made shortly after the outcome of the process, likely to boost the confidence the company needed in that regard. Testing with cars without human drivers was resumed in Pittsburgh, Pennsylvania, where ATG is based.