Uber lands $1 billion from SoftBank, Toyota for self-driving unit
Updated : April 19, 2019 06:51 AM IST
SoftBank will invest $333 million from its $100 billion Vision Fund, while Toyota Motor Corp and automotive company Denso Corp will combine invest $667 million.
The funding allows Uber to transfer some of the substantial cost of developing self-driving cars onto outside investors. That is likely to appease some investor concerns over Uber's spending on the autonomous unit, which has topped $1 billion since the programme started in 2016.
Uber released its IPO filing this month and is preparing to launch is "roadshow," when it will pitch its company prospective investors, the week of April 29, setting up for an early May debut on the New York Stock Exchange.