Uber nears investment deal for self-driving car unit

Published: April 18, 2019
Uber sign is seen on a car in New York, US, April 12, 2019.

Uber sign is seen on a car in New York, US, April 12, 2019. PHOTO: REUTERS

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

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

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

The Japanese technology investment fund also has investments in General Motors’ self-driving car subsidiary Cruise. SoftBank and automaker Honda have invested a total of $5 billion for acquiring separate minority stakes in Cruise.

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Cruise has a value of more than $14 billion despite no significant revenue and a product not ready for commercial launch.

Uber is getting ready for its initial public offering (IPO) and filed for it last week.

Toyota and Denso declined to comment, while Uber and SoftBank did not respond to Reuters’ requests for comment.

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