Toyota to Invest $500 Million in Autonomous Vehicle Pact

By Anna Breuer on 27 August 2018
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IMG_1732 (1)Toyota announced plans to invest $500 million in Uber and to partner with the ride-hailing company in a joint effort in autonomous vehicles.

Uber, which lost $659 million in its last quarter, would be valued at $72 billion in the deal, a significant increase over its most recent stated value of $62 billion.

“Combining efforts with Uber, one of the predominant global ride-sharing and automated driving R&D companies, could further advance future mobility,” said Shigeki Tomoyama, an executive at Toyota, in a statement.

The initial platform for what Toyota referred to as Autono-MaaS or autonomous-mobility as a service will be the automaker’s Sienna minivan. Uber’s autonomous driving technology as well as the Toyota Guardian safety support system will be integrated into the vehicle.

Toyota made a strategic investment in Uber in 2016 and Uber has been working with Toyota as well as with Volvo and Daimler on driverless vehicles over the past two years.

In June, Toyota invested $1 billion in Grab, an Uber-like company in Southeast Asia.

(Photo: Accura Media Group)

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