Uber Reveals $1 Billion Investment Into AV Group
April 23, 2019—CNBC reports that Uber announced a $1 billion investment in its self-driving vehicle unit. Both Toyota and Denso have invested $667 million, and Softbank's Vision Fund will invest $333 million.
CNBC reports that the investment values the Advanced Technologies Group (ATG) at $7.25 billion, and creates a corporate entity with its own board. Additionally, representatives from the investors attended a signing ceremony at Uber's San Francisco headquarters alongside Uber chief executive officer, Dara Khosrowshahi and ATG leader Eric Meyhofer.
According to CNBC, Uber has already begun the IPO process, and the next step is a late-April roadshow where Uber executives will sell the company's startup story and business model to potential public market investors.
The investment gives Uber the funds to develop technology for self-driving cars and trucks.
Toyota has also committed an additional $300 million over the next three years to assist with cover costs for the newly formed unit.