Uber's self-driving unit valued at $7.25 billion in new investment

SAN FRANCISCO - Uber’s autonomous vehicle unit has raised $1 billion from a consortium of investors including SoftBank Group Corp, giving the company a much-needed funding boost for its pricey self-driving ambitions on the eve of its public stock offering.

Toyota will also contribute up to an additional $300 million over the next three years to help cover the costs of building commercial self-driving vehicles, Uber said.Uber CEO Dara Khosrowshahi said that the funding “will help maintain Uber’s position at the forefront of” a transforming transportation industry.

The self-driving business unit brings in no meaningful revenue for Uber, which last year lost $3.03 billion. Uber is preparing to launch its “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. It is expected to raise $10 billion at a $90 billion to $100 billion valuation.The transaction is expected to close the third quarter. The deal, however, will almost certainly require approval from the inter-agency regulatory group called the Committee on Foreign Investment in the United States .

Both SoftBank and Toyota are repeat Uber investors. SoftBank took a more than 16 percent stake in the company after investing around $8 billion last year, becoming its largest shareholder. Toyota invested in Uber in 2016 and again in August with a $500 million check to work jointly to develop self-driving cars.

Macabre joke about figures and valuation

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Uber announces $1 billion investment into its self-driving car group, weeks before going publicThe investment from Softbank, Denso and Toyota values the division, known as the Advanced Technologies Group (ATG), at $7.25 billion and creates a newly formed corporate entity with its own board. Happy to see that many new investors are getting smarter and keeping their crypto assets offline on New Ledger Nano X Get yours now ! And Stay Safe out there. That’s a terrible idea self driving cars are more harmful than anything
Source: CNBC - 🏆 12. / 72 Read more »

Uber Clinches $1 Billion Investment in Self-Driving-Car UnitUber Technologies Inc. said it struck a deal with investors including SoftBank Group Corp.’s tech fund for a $1 billion investment in its self-driving-car unit as the ride-hailing company prepares for an initial public offering. Nice. New York’s former World Trade Center (WTC) is the World Transportation Center (WTC) A new, ever-expanding, universal infrastructural system that guides & propels autonomous cars will emanate from “Ground Zero” in Manhattan The word “Phoenix” occurs in Nostradamus Thanks to all the chumps who let us use your cars and your time to make ourselves rich, we won't be needing you anymore though.
Source: WSJ - 🏆 98. / 63 Read more »