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Home / Business / Uber's autonomous entity gets its own CEO and an investment of $ 1 billion

Uber's autonomous entity gets its own CEO and an investment of $ 1 billion



When Uber finally closes in on its IPO, the self-drive car gets its big cash bet and some independence. The company announced tonight that Toyota, Denso and Softbank are investing a total of $ 1 billion in the Advanced Technologies Group (Uber ATG), in a deal that values ​​that portion of the company at $ 725 million. This adds to Toyota's $ 500 million investment last year, as the two said would lead to the creation of an autonomous fleet based on Toyota's Sienna minivan.

So far, many of the major car companies, along with developing autonomous technology combined with ridesharing angles, are expected to be a big market in the next few years. According to Ubers CEO Dara Khosrowshahi, "The development of automated vehicle technology will change the transport we know so our roads become safer and our cities more alive. Today, the announcement, along with our ongoing OEM and supplier relationships, is helping to maintain Ubers position at the forefront of that transformation. "

In the statement, Toyota EVP said Shigeki Tomoyama" Utilizing the Power of Uber ATG's Autonomous Vehicle Technology and Service Network and Toyota Group's Vehicle Control System Technology, Mass Production Capacity and Advanced Security Support Systems, such as the Toyota Guardian ™, will allow us to commercialize safer, lower cost automated ridesharing vehicles and services. "

The deal will not close before the 3rd quarter, which should be good after Uber's original public offering is underway in Kan. It is also announced after Arizona's prosecutors announced that they did not find the company liable for a 201

8 self-driving car accident that killed a pedestrian. The agreement makes Uber ATG its own corporate entity controlled by Uber. Reuters reports that it has ATG leader Eric Meyhofer as CEO of a newly formed board, with six appointed by Uber, one by Toyota and one by Softbank.


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