Info
Info

Uber receives $1 billion investment from Toyota, Denso and SoftBank Vision Fund

News

Toyota Motor Corp., Denso Corporation and the SoftBank Vision Fund announced 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 commercialisation of automated ridesharing services.

Info

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.

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 commercialisation 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.”

Shigeki Tomoyama, Toyota Executive Vice President and President of Toyota's in-house Connected Company stated that, “Toyota is dedicated to realising a safe and secure future mobility society. Leveraging the strengths of Uber ATG's autonomous vehicle technology and service network and the Toyota Group's vehicle control system technology, mass-production capability, and advanced safety support systems, such as Toyota Guardian, will enable us to commercialise safer, lower cost automated ridesharing vehicles and services. We believe that the combined work of Toyota, Denso, and Uber ATG on developing next-generation autonomous vehicle hardware will accelerate the timeline for and early success of automated ridesharing services.”

Hiroyuki Wakabayashi, Executive Vice President of Denso said, “Among the biggest challenges facing automated driving, most lie in how to implement both the hardware and the software at scale. Denso, as a global automotive supplier, is excited to collaborate with Uber ATG and Toyota to develop advanced automated driving hardware that we believe will transform future mobility.”

Rajeev Misra, CEO of the SoftBank Vision Fund said, “The team at Uber ATG has made significant progress developing highly robust automated ridesharing technology. With a comprehensive platform of hardware and software, the largest global ridesharing network and Toyota's partnership, this collaboration is well-positioned to deploy automated ridesharing services at scale.”

The transaction is expected to close in Q3 of calendar year 2019.


The Latest News, Brought To You By
Uber receives $1 billion investment from Toyota, Denso and SoftBank Vision Fund
Modified on Wednesday 24th April 2019
Find all articles related to:
Uber receives $1 billion investment from Toyota, Denso and SoftBank Vision Fund
TaaS Technology Magazine
Info
Škoda Auto DigiLab Launches ‘Citymove’ Mobility App
Greenlots Installs Shell’s First EV Fast-Charger In Singapore
Hella Partners With Nebula Link To Develop Connected Vehicles Solutions
RideOS Launches New Platform To Power The Future Of Ridehailing
Taycan Prototype Undergoes Testing At The Nardo High-speed Track In Italy
Karma Automotive’s 2020 Revero GT Prices To Begin At $135,000
Elektrobit To Provide Software Solutions For Weltmeister Motor’s First EV
Drako Motor’s All Electric Supercar Breaks Cover
Uber ATG Joins Automated Vehicle Safety Consortium
Porsche Invests In Israeli Startup TriEye To Increase Road Visibility And Safety
EDAG To Debut Fully Autonomous CityBot At IAA 2019
Hella To Present Future Concepts At The IAA 2019
Mercedes-Benz Launches PHEV Versions Of A And B-Class
SDG&E To Launch Major Programme To Build Chargers For Electric Buses, Trucks
LEVC Selects EO Charging As Its Official Charging Partner In Scotland
Mercedes-Benz To Display The Production Version Of The Fully-electric EQV At IAA 2019
JLR Develops Immersive 3D In-car Experience
NRMA Opens EV Fast Charging Station In Australia’s South Coast Route
Autonomous Delivery Company Starship Technologies Raises $40 Million
Desjardins And Hydro-Québec Partner To Create Quebec’s First Vehicle-charging Superstation
US State Of Colorado Adopts California’s Zero Emission Vehicle Standards
CarVi Chooses HERE To Create Contextual Insights Into Driver Behaviour
Audi RS 6 To Feature A Mild Hybrid Drive
Tier IV Raises $9 Million From Quanta Computer
Info
Info
×
Search the news archive

To close this popup you can press escape or click the close icon.
Logo
×
Logo
×
Register - Step 1

You may choose to subscribe to the TaaS Magazine, the TaaS Newsletter, or both. You may also request additional information if required, before submitting your application.


Please subscribe me to:

 

You chose the industry type of "Other"

Please enter the industry that you work in:
Please enter the industry that you work in:
 
X
Info
X
Info
{taasPodcastNotification}