Toyota to invest $500 million in Uber for self-driving cars: Reuters
Summary
(Reuters) – Toyota Motor Corp (7203.T) will invest $500 million in Uber Technologies Inc to jointly work on developing self-driving cars, the companies said on Monday, a bid by both to catch up to rivals in the hotly competitive autonomous driving business.Their deal deepens an existing relationship and reflects CEO Dara Khosrowshahi ’s strategy of Uber developing autonomous vehicles through partnerships, rather than on its own.The companies’ aim is to solve the enormously challenging problem of how to mass produce self-driving cars for shared fleets, including ride-hailing services.The Toyota partnership puts pressure on Uber to resume testing on public roads, but the company has run up against regulators and politicians with safety concerns.Khosrowshahi, who took over Uber a year ago, has recently explored options that include more partnerships as well as a potential sale of the self-driving business, separate sources have told Reuters.