Toyota to invest $500 million in Uber for self-driving cars

Toyota to invest $500 million in Uber for self-driving cars

Toyota will invest about $500 million in Uber as part of the agreement between the two companies, according to the Journal.

Uber is among a number of technology and auto companies racing toward what some contend is an inevitable future in which vehicles drive themselves. That's led to a growing number of partnerships as companies like Toyota realize they don't know much about ridesharing and companies like Uber discover that building cars is hard.

Toyota, one of the world's largest carmakers, and Uber Technologies Inc, the leading ride-hailing service, are widely seen as lagging the competition in developing self-driving cars.

Toyota will sink a half-billion dollars into Uber and work jointly with the ride-hailing giant to develop self-driving vehicles, a person briefed on the matter said Monday.

Toyota shares were nearly 2% higher in Tokyo trading on Tuesday while analysts said the size of Toyota's investment in Uber valued the California-based company at $72bn (£55.8bn). For one, Uber purchased Volvos, retrofitted the cars with its self-driving technology and operates the fleet on its own. CEO Toyoda unveiled the concept, dubbed e-Palette, at CES in Las Vegas in January.

How to watch Manchester United vs
Last season's runners-up already find themselves six points off the summit, but Pogba is keeping calm and focused amid the storm. United desperately need to return to winning ways at Burnley on Sunday to ease the pressure heading into the global break.

Uber and Didi are also partnering Toyota in the carmaker's vision for a fleet of autonomous, modular boxes on wheels that can be customised to transport anything from people to pizza.

Uber suspended testing on public roads following a fatal accident in Tempe, Arizona, in March. As a result, it has partnered with "world-class vehicle manufacturers to make our vision a reality". Uber shuttered its research and development efforts in Arizona in May, and only recently returned to the streets of Pittsburgh, Pennsylvania.

Toyota has stated that the initial "Autono-MaaS" (autonomous-mobility as a service) fleet will be based on Toyota's Sienna Minivan platform. The self-driving unit is a significant contributor to Uber's losses, which in the second quarter were $891 million.

Uber has previously tested its self-driving cars in Arizona and California.

"Uber's automated driving system and Toyota's Guardian system will independently monitor the vehicle environment and real-time situation, enhancing overall vehicle safety for both the automated driver and the vehicle". Uber had deactivated Volvo's automatic braking system in that vehicle, which raised questions about safety.

Related Articles

  • Federal judge to rule on 3D guns Monday

    Federal judge to rule on 3D guns Monday

    Opponents say allowing 3D-printed gun plans to go online will allow bad actors access to "undetectable" firearms. His lawyers sued the State Department claiming that it was infringing Wilsons First Amendment rights .
    Iran Signs Deal With Syria to Deepen Military Cooperation

    Iran Signs Deal With Syria to Deepen Military Cooperation

    Hatami said he hopes Iran can play a "productive role" in Syria's reconstruction, according to Iran's Press TV. Iran-backed armed groups, including the powerful Lebanese Hezbollah movement, have also backed Assad's troops.
    UK PM May Meets and Dances with School Children in South Africa

    UK PM May Meets and Dances with School Children in South Africa

    Mrs May said Britain's private sector should put in the billions that will see "African economies growing by trillions". May, alongside 29 representatives from United Kingdom business, will also visit to victims of modern slavery in Lagos.
  • Baby No. 10 on the Way for Eddie Murphy

    Baby No. 10 on the Way for Eddie Murphy

    Murphy's second addition to the family is Christian, shared with former girlfriend Tamara Hood and born in 1990. Mel's book is set to discuss the alleged abuse she faced while married to now ex-husband Stephan Belafonte.

    Google launches new tools to make Internet work for more Indians

    Well now today, at its Google for India event held in New Delhi , Google has announced that Google Tez is now Google Pay. Google Go will be able to translate articles across 28 languages before reciting them to you in your preferred tongue.
    'Not blood and soil': McCain's farewell message to Americans criticizes Trump

    'Not blood and soil': McCain's farewell message to Americans criticizes Trump

    The renaming proposal would not need approval from the House or from President Donald Trump , a longtime McCain nemesis. Bush in the 2000 GOP presidential primary and Barack Obama in the 2008 general election - are speaking at his funeral.
  • Fans of Aretha Franklin pay respects before Detroit funeral

    Fans of Aretha Franklin pay respects before Detroit funeral

    Owens stressed that the viewing and other events could not happen without a group she calls "Aretha's angels". A two-day public viewing is being held at the museum for the singer who lived in Detroit .
    Tottenham Hotspur embarrass Manchester United 3-0 at Old Trafford

    Tottenham Hotspur embarrass Manchester United 3-0 at Old Trafford

    Kane all too easily lost Jones to meet a corner with a fine header that arced into the far corner in the 50th minute. Pogba struck wide after great work shortly after half-time, but Spurs had improved markedly and quickly kicked on.
    Louis C.K. Performs First Stand-Up Set Since Harassment Allegations

    Louis C.K. Performs First Stand-Up Set Since Harassment Allegations

    He said that one man who was in the audience called the club on Monday to complain about the comedian's surprise appearance. He made an unannounced appearance Sunday night at the Comedy Cellar in New York City's Greenwich Village.
  • Ron DeSantis vs. Adam Putnam

    Ron DeSantis vs. Adam Putnam

    In the Democratic primary for Florida governor, progressive favorite Andrew Gillum narrowly led moderate former U.S. He is endorsed by President Donald Trump , Fox News host Sean Hannity, and his HFC colleague Rep.
    Trump hosts evangelical leaders at the White House

    Trump hosts evangelical leaders at the White House

    And we'll have a lot to report at the end of it. "This is really great", President Trump said. Uhuru and Trump then joined their aides in the cabinet room for expanded talks.
    Manu Ginobili, a 4-time champion with Spurs, retires at 41

    Manu Ginobili, a 4-time champion with Spurs, retires at 41

    It did nothing to slow the impact Ginobili had on the court, as he won the Sixth Man of the Year Award for the 2007-08 season. Ginobili is the second Spur to retire from San Antonio's 2000's core of Tim Duncan , Tony Parker and Ginobili.