Toyota has invested $ 500 M in Uber in an endeavour to jointly develop self-driving car technology. With this investment, Uber has been valued at $ 72 B, slightly greater than what Softbank valued the ride hailing company with its latest investment.
Toyota and Uber have plans to employ the autonomous vehicle technology into several Toyota Sienna minivans to be managed by a third party but available via Uber app. However, Uber’s autonomous vehicle program has hit many roadblocks such as the long-drawn court face-offs over Waymo trade secrets and a road accident involving a pedestrian attributed partly to the vehicle’s computer control mode. Furthermore, Uber recently cut back its $ 750 M yearly investment in the self-driving segment.