Uber's self-driving car unit has been valued at $7.3bn (£5.6bn), after receiving $1bn of investment by a consortium including Toyota and Saudi Arabia's sovereign wealth fund. With weeks to go until the loss-making San Francisco firm's stock market float, expected to value the company at up to $100bn, Uber said it had secured new financial backing for its plans to develop autonomous vehicles. Japanese carmakers Toyota and its compatriot Denso, a car parts supplier, will invest a combined $667m in Uber's Advanced Technologies Group (ATG). The remainder will come from Japanese conglomerate SoftBank's $100bn Vision Fund, whose largest investor is Saudi Arabia. Toyota and SoftBank are already major investors in Uber, with the latter owning 16%.
Apr-20-2019, 04:27:42 GMT