Uber’s self-driving unit gets $1 billion investment from SoftBank and Japan’s auto industry
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Uber CEO Dara Khosrowshahi announced this evening a $1 billion investment from Japanese conglomerate SoftBank’s Vision Fund, car maker Toyota, and automative component supplier Denso. The news confirms an article from The Wall Street Journal published earlier this week reporting that Uber was close to securing funding for its autonomous division, called Uber Advanced Technologies Group, or UberATG.
Khosrowshahi announced the investment with a tweet, which included a photo of the chief executive alongside executives from SoftBank, Toyota, and Denso. According to the accompanying press release, the capital injection values Uber’s self-driving unit at $7.25 billion, ahead of the company’s official initial public offering likely later this…