4/19, 2:36 AM (Source: TeleTrader)
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Uber lands $1B driverless car unit investment

Ride-hailing company Uber Technologies Inc. has secured a $1 billion investment for its driverless car unit, CNBC reported on Friday.

Under the terms of the deal, Toyota Motor Corp. and Japanese car-part supplier Denso Corp. will invest around $667 million while the SoftBank Group's Vision Fund will pump in $333 million. The investment also values the unit, known as the Advanced Technologies Group (ATG), at $7.25 billion and will create a new corporate entity that will have its own board. The signing ceremony was attended by the investors' representatives along with Uber CEO Dara Khosrowshahi and ATG leader Eric Meyhofer at Uber’s San Francisco headquarters on Thursday morning.

The news confirmed previous reports which hinted that the trio could invest in Uber's driverless car unit. The latter had been discussing the possibility of such an investment with investors since March. It also recently filed its IPO prospectus with the United States Securities and Exchange Commission and is expected to go public in early May.

Breaking the News / DZ