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Uber's self-driving unit gets $1 bn investment
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Top Stories |
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IANS | 19 Apr, 2019
The self driving unit of global ride-sharing major Uber has announced a
$1 billion investment from Japanese conglomerate SoftBanks Vision Fund,
car manufacturer Toyota and automotive component supplier Denso.
"Excited
to announce Toyota, Denso and the SoftBank Vision Fund are making a $1
billion investment in Uber, as we work together towards the future of
mobility," Uber CEO, Dara Khosrowshahi tweeted late on Thursday.
Toyota
and Japanese auto-parts supplier Denso will together invest $667
million, while Softbank's Vision Fund will invest $333 million. SoftBank
is already Uber's largest shareholder, the CNBC reported.
Car
maker Toyota invested $500 million in Uber in August 2018 when the two
companies announced their intention to bring pilot-scale deployments of
automated Toyota Sienna-based ridesharing vehicles to the Uber
ridesharing network in 2021.
Uber officially filed its IPO
process last week with the public filing of its prospectus. It would be
listed on the New York Stock Exchange (NYSE) under the symbol "UBER".
"We
have incurred significant losses since inception, including in the
United States and other major markets. We expect our operating expenses
to increase significantly in the foreseeable future, and we may not
achieve profitability," the company had said in the "S-1" form or the
IPO Prospectus submitted to the Securities and Exchange Commission.
The
company noted that as of December 31, 2018, it had 91 million or 9.1
crore monthly active platform users. There were 3.9 million or 39 lakh
drivers on the platform by the end of 2018.
According to market sources, the company may provide a price range for its shares later in April and would go public in May.
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