James Delahunty
28 Aug 2018 12:58
Toyota is to make a $500 million investment in Uber as the pair seek to catch up to competition in the self-driving car space.
The Japanese firm said that the investment would involve the mass production of a fleet of autonomous vehicles. Uber would then deploy these self-driving vehicles as part of its ride hailing service. Toyota's Sienna Minivan model will inspire the autonomous vehicles' design.
Toyota's investment in Uber values the company at $72 billion.
"This agreement and investment marks an important milestone in our transformation to a mobility company as we help provide a path for safe and secure expansion of mobility services like ride-sharing," said Shigeki Tomoyama, executive vice president of Toyota Motor Corporation.
Source: BBC News