Uber Announces $1 Billion Investment Into Car Group Weeks Before Going Public

Ridesharing corp. working to usher in driverless society

Image Credits: ANGELO MERENDINO/AFP/Getty Images.

Uber has announced a deal for a $1 billion investment in its self-driving vehicle unit, just weeks before its initial public offering.

Toyota and Japanese auto-parts supplier Denso will together invest $667 million, while Softbank’s Vision Fund will invest $333 million. SoftBank is already Uber’s largest shareholder and Toyota invested $500 million last year.

Photo by Jeff Swensen/Getty Images

The investment values the division, known as the Advanced Technologies Group (ATG), at $7.25 billion and creates a newly formed corporate entity with its own board. Representatives from the investors attended the signing ceremony at Uber’s San Francisco headquarters Thursday morning alongside Uber CEO Dara Khosrowshahi and ATG leader Eric Meyhofer.

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