NEW YORK - A group of investors led by SoftBank Group Corp and Toyota Motor Corp is in talks to invest $1 billion or more into Uber Technologies Inc’s self-driving vehicle unit, which would value the unit at $5 billion to $10 billion, said two people familiar with the talks.
The investment would provide a cash injection for Uber’s self-driving program that is costing the money-losing startup hundreds of millions of dollars without generating revenue. Uber and SoftBank declined to comment. A Toyota spokesman said the automaker “constantly reviews and considers various options for investment” but does not have anything to announce.
Japan’s largest automaker Toyota injected $500 million into Uber last year to work on self-driving cars, where both companies are seen as lagging rivals like Alphabet Inc’s self-driving unit Waymo.
Source: Car News Wire (carnewswire.net)
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