Uber Technologies, the ride-hailing giant had raised $1 billion for its autonomous vehicle unit from a consortium of investors including investment moguls such as Softbank Group Corp., proffering the company a much-required funding boost for its expensive autonomous ride-haling ambition ahead of its initial public offering scheduled to be taken place earlier on May.
On Thursday, the 18th of April 2019, Uber Technologies Inc. had issued a statement saying that the new investment would add around $1 billion to its Advanced Technologies Group, solely dedicate to develop self-driving technology, and followed by the funding, the self-driving unit of Uber would be valued at $7.25 billion, while SoftBank was going to make an investment of $333 million of its $100 billion Vision Fund alongside automotive part supplier, Denso Corp.
and Japanese carmaker Toyota Motor Corp. would be investing a combined sum of $667 million. Apart from that, Uber also added that the Toyota Motor Corp. would be providing an additional $300 million over the next three years in order to cover the costs of manufacturing commercial self-driving vehicles.
Followed by the statement, the Chief Executive of Uber, Dara Khosrowshahi had been quoted saying that the funding would assist Uber to maintain its position at the forefront of a trend-shifting transportation industry.