Uber Announces a $1 Billion Investment in Its Self Driving Car Group

Uber is another IPO highly awaited by Wall Street.

The ride hailing company has announced a $1 billion investment into its own self-driving car group, Advanced Technologies Group (ATG).

ATG has received an investment from the SoftBank Vision Fund for $333 million and from Denso and Toyota for $667 million combined. Toyota invested $500 million in 2018 and SoftBank is already Uber’s largest shareholder.
The deal will value the ATG at $7.5 billion and create a new entity with its own board.

Dara Khosrowshahi, Uber’s CEO, announced the investment with a tweet. The tweet also had a photo with him alongside executives from SoftBank, Toyota, and Denso.

“Excited to announce Toyota, Denso and the SoftBank Vision Fund are making a $1B investment in @UberATG, as we work together towards the future of mobility,” read the CEO’s tweet.

Uber is expected to make its market debut next month with a valuation of up to $100 billion according to the Wall Street Journal.

In other news, Uber also is launching the Campus Safety Initiative, which includes new features in the app.

The move comes after the murder of a college student who mistakingly got into a vehicle that she thought belonged to an Uber driver.

The features are in testing, and they remind riders to check the license plate, make and model of the car, as well as the driver’s name and picture, before ever entering into a vehicle.

Currently the test is running in South Carolina, in partnership with the University of South Carolina.
The company has plans to roll it out nationwide.