Toyota Motor Corp. will invest $500 million in Uber to jointly work on developing self-driving cars, the companies said Monday, in a bid by both firms to catch up with rivals in the hotly competitive autonomous driving business.
The investment values Uber at $72 billion, matching the valuation Uber received in a deal with Alphabet Inc.'s self-driving unit Waymo this year.
Toyota, one of the world's largest carmakers, and Uber Technologies Inc., the leading ride-hailing service, are widely seen as lagging the competition in developing self-driving cars. The partnership deepens an existing relationship and reflects CEO Dara Khosrowshahi's strategy of Uber developing autonomous vehicles through partnerships, rather than on its own.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.