Uber nears investment deal for self-driving car unit

18th April, 2019 10:27:53 printer

NEW YORK: Uber Technologies Inc is nearing a deal with a group, including SoftBank Group Corp, to invest in its self-driving car unit to be valued at US$7.25 billion, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.

SoftBank, Toyota Motor Corp and Japanese auto-parts supplier Denso Corp are expected to invest a total of US$1 billion as part of the deal, which could be announced in the next few days, the report said, report agencies.

SoftBank closed its US$8 billion investment in Uber in January 2018, which gave it a 16 percent stake in the ride-hailing company and made it the largest shareholder.

The Japanese technology investment fund also has investments in General Motors Co's self-driving car subsidiary Cruise.