Toyota, Denso, Softbank Fund to Invest 1 B. Dlrs in Uber Unit
Nagoya, April 19 (Jiji Press)--Toyota Motor Corp. <7203> said Friday that it and major auto parts maker Denso Corp. <6902> and Softbank Vision Fund will invest a total of one billion dollars in U.S. ride-sharing company Uber Technologies Inc.'s division for the development of self-driving vehicles.
The investment is aimed at accelerating the "development and commercialization of automated ride-sharing services," for which demand is expected to grow, according to the announcement.
Toyota, Denso, a Toyota affiliate, and the vision fund under Softbank Group Corp. <9984> will invest 400 million dollars, 267 million dollars and 333 million dollars, respectively, in Uber's Advanced Technologies Group, which will be split off from the U.S. company.
In May 2016, Toyota announced an agreement with Uber on their collaboration in the ride-sharing field. The leading Japanese automaker then made an investment in the U.S. partner through a financial subsidiary.
In August 2018, Toyota additionally invested 500 million dollars in Uber, with the aim of releasing self-driving vehicles for ride-sharing services in the United States in 2021.
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