Uber's self-driving unit gets its own CEO and a $1 billion investment

As Uber finally closes in on its IPO, its self-driving car unit is getting a big cash infusion and some independence. The company announced tonight that Toyota, Denso and Softbank are investing a total of $1 billion in its Advanced Technologies Group (Uber ATG), in a deal that values that part of the company at $7.25 billion. This adds onto Toyota's $500 million investment last year, which the two said would lead to the creation of an autonomous fleet based on Toyota's Sienna minivan. So far, many of the big car companies are teaming up to develop autonomous tech combined with ridesharing angles as it's expected to be a huge market in the next few years. According to Uber CEO Dara Khosrowshahi, "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."