Memphis Daily News Chandler Reports Nashville Ledger
» Subscribe Today!
The Power of Information
Home
The Ledger - EST. 1978 - Nashville Edition
X
Skip Navigation LinksHome > Article
VOL. 43 | NO. 16 | Friday, April 19, 2019

Toyota, SoftBank fund, Denso invest $1 billion in Uber

Print | Front Page | Email this story

TOKYO (AP) — Japan's top automaker Toyota, auto parts maker Denso and internet company SoftBank's investment fund are investing $1 billion in car-sharing Uber's technology unit.

The Japanese companies said Friday that Toyota Motor Corp. and Denso Corp. will together invest $667 million and SoftBank Corp.'s Vision Fund will contribute $333 million in Uber Technologies Inc.'s new entity, Advanced Technologies Group, or Uber ATG, which will try to develop and commercialize automated ridesharing services.

The move comes as Toyota steps up such efforts, including investing $500 million in Uber, based in San Francisco, and setting up a $20 million joint venture with SoftBank to create mobility services, both announced last year.

Toyota also promised to contribute up to $300 million more over the next three years for developing next-generation autonomous vehicles and services.

Toyota Executive Vice President Shigeki Tomoyama said working together will help bring down costs and speed up development.

Uber Chief Executive Dara Khosrowshahi expressed hope that the deal, set to close by the third quarter, will help maintain Uber's leading position in the technology.

"The development of automated driving technology will transform transportation as we know it, making our streets safer and our cities more livable," he said.

SoftBank has invested in Didi and Grab, as well as Uber, and has acquired IoT leader Arm, while Toyota is developing autonomous vehicles in time for the 2020 Tokyo Olympics.

Automakers around the world are forming tie-ups to develop next-generation transportation, and Google's Waymo and U.S. electric-car maker Tesla are also big players in the effort.

___

Follow Yuri Kageyama on Twitter https://twitter.com/yurikageyama

On Instagram https://www.instagram.com/yurikageyama/?hl=en

Follow us on Facebook, Twitter & RSS:
Sign-Up For Our FREE email edition
Get the news first with our free weekly email
Name
Email  
TNLedger.com Knoxville Editon
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 0 0
MORTGAGES 0 0 0
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 0 0
BANKRUPTCIES 0 0 0
BUSINESS LICENSES 0 0 0
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0