Uber’s self-driving unit gets $1 billion investment from SoftBank and Japan’s auto industry

Uber CEO Dara Khosrowshahi announces a $ 1 billion investment this evening from a Japanese conglomerate, SoftBank's Vision Fund, automotive manufacturer Toyota, and automation supplier Denso. The announcement was made earlier this week by the Wall Street Journal which reports that Uber is close to securing funding for an autonomous department called Uber Advanced Technologies Group or UberATG.

Khosrowshahi announces the investment with tweets including photographs of CEOs, along with executives from SoftBank, Toyota and Denso. According to the press release, Uber chairman is worth $ 7.25 billion, which will be officially listed at the end of the year. Uber's IPO, which does not have an up-to-date date, is expected to raise about $ 10 billion for the company that rides, and the company's value will reach $ 100 billion, WSJ reported.

According to the terms of the investment, Toyota and Denso donate a total of $ 667 million, while SoftBank's Vision Fund donates $ 333 million. The deal should not be surprising to those who closely monitor Uber's finances. In August 2018, the company invested $ 500 million from Toyota to accelerate its own efforts, such as modifying Toyota Sienna to test Uber's autonomous technology and eventually making it commercially available in 2021. 19659005] "This investment and strong partnership with the Toyota Group are proof of the tremendous accomplishments of our ATG team so far and show an exciting future for important projects with great partners," Khosrowshahi said in a statement. "The development of automated driving technology transforms traffic as we know it, making the streets safer and making the city a better place to live." With this ongoing OEM and supplier relationship, "

This funding is a sign of confidence in UberATG in Japan's financial and automotive industry after years of rugged stateside research and development. He avoided criminal punishment when he first died in an autonomous vehicle in March last month, claiming the life of 49-year-old Elaine Herzberg. In a catastrophic accident, Uber's test program ended in Tempe, Arizona, but UberATG resumes testing at its Pittsburgh, Pennsylvania headquarters.

In addition to accidents, UberATG was involved in a controversial trade secret lawsuit with competing self-driving company Waymo, owned by Alphabet, a Google parent company, a legal dispute that reached a frustrating February settlement a week after a court transaction. . Partly due to litigation, Uber continued to develop Uber Freight 's software logistics platform, although his engineers were engaged in in – house rider projects, but closed the self – driving truck sector.

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