Uber has received a new investment of another $1 billion from Toyota, according to an article by Phocus Wire.
The investment will be funding Uber’s autonomous vehicle division, with the goal of implementing hardware and software for these vehicles both cheaply and at scale, according to the article.
In addition to Toyota, SoftBank Vision Fund and Denso are also backing the division. This isn’t the first time Toyota has backed Uber, though; in 2018, they invested $500 million as part of the plan to roll out the automaker’s Sienna model-led ride-sharing vehicles across the Uber network in 2021, according to the article.
Toyota has also pledged to invest another $300 million over the next three years to support the mass production and commercialization of automated ride-sharing vehicles and services, according to the article.
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