Society | Aug 29

Toyota invests $500 mil. in Uber

Aug 29 (NHK) - Toyota Motor said it will invest 500 million dollars in US ride-hailing company Uber to help develop self-driving vehicles.

Toyota said the investment will advance the companies' partnership as competition intensifies in the race to commercialize self-driving vehicles.

Uber CEO Dara Khosrowshahi says the partnership is a natural fit and signals a commitment to developing world-class technologies.

In a related move, four auto-parts makers in the Toyota group will form a joint venture to develop software for self-driving vehicles.

Denso President & CEO Koji Arima says, "The 4 companies will combine know-how to help promote self-driving technology that allows safe and secure transportation for everyone."

The parts makers say the JV will supply its software to Toyota and other carmakers in Japan and overseas.

Toyota Motor has said it aims to commercialize auto-driving technology for expressways by 2020.

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