Uber Attracts Investments of $1 Billion to Create Self-Driving Cars

Uber’s technology division will receive investments of $1 billion from the largest conglomerates: Toyota, Denso and Vision Fund SoftBank.

According to a press release published on the Uber website, in order to jointly develop self-driving vehicles, Japanese companies Toyota Motor Corp. and Denso Corp. invest $667 million and Vision Fund SoftBank Corp. invests $333 million in a new Uber’s division – Advanced Technologies Group, or Uber ATG.

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.”

Previously, the taxi service has already attracted investments from Toyota. Last year, the Japanese conglomerate invested half a million to develop automated solutions.

According to Toyota Motor Vice President, Shigeki Tomoyama, as a result of this cooperation, companies expect to receive safer and cheaper cars.

Self-driving cars are rapidly conquering the world. The United States and Japan have already presented their first prototypes at exhibitions, but there is still a long way to go before full implementation. Therefore, every day we hear about the new partnerships that intend to bring these efforts into reality. Today, besides the above-mentioned companies, the development is conducted by BMW, Mercedes, Tesla and other leaders of the auto industry.

We want to remind you:

Uber Plans to Go an IPO

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