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Uber announces $1 billion investment into its self-driving car group, weeks before going public

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Uber closes $1 billion investment into its self-driving car group, weeks before going public

Uber has announced a deal for a $1 billion investment in its self-driving vehicle unit, just weeks before its initial public offering.

The investment values the division, known as the Advanced Technologies Group , at $7.25 billion and creates a newly formed corporate entity with its own board. Representatives from the investors attended the signing ceremony at Uber's San Francisco headquarters Thursday morning alongside Uber CEO Dara Khosrowshahi and ATG leader Eric Meyhofer

Smaller ridesharing rival Lyft went public at the end of March and has struggled in public markets as investors question its heavy losses and path to profitability.

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That’s a terrible idea self driving cars are more harmful than anything

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