Uber plans to kick off IPO in April

SoftBank Toyota Said to Be in Talks to Invest $1 Billion in Uber's Self Driving Unit

SoftBank Group Corp and Toyota Motor Corp are said to be in a discussion of investing $1 billion or more into the self-driving unit of Uber Technologies Inc., raising the value of the unit to $10 billion from $5 billion.

As per reliable sources, the deal would value Uber's autonomous vehicle unit between $5 billion to $10 billion and would allow it to offload part of its vastly expensive asset, mainly at a time when it faces scrutiny from investors in an IPO (initial public offering) planned for the coming months.

If all goes to plan, commuters could ride an e-scooter to a transit station, take a train, then grab an e-bike, share a ride or take an e-scooter at the arriving station to complete a journey - all using an Uber app on a smartphone.

Selling a piece of the selfdriving business would allow Uber to offload part of a very expensive endeavour, as it faces scrutiny from prospective investors in an initial public offering (IPO) planned for the coming months. Uber and SoftBank declined to comment. But its autonomous unit, formed in 2014, loses between $100 million and $200 million each quarter.

Following the death of a pedestrian in Arizona previous year by Uber's one of self-driving cars, the developing technology came under a greater inspection.

Dara Khosrowshahi, Uber's CEO, ordered the San Francisco- based company to take the cars off the road for much of previous year.

The deal would value the self-driving vehicle portion of Uber as a business worth $US5 billion to $US10 billion. The investment group led by SoftBank, Uber's largest shareholder, would include other backers, and possibly at least one automaker, though their identities couldn't be learned. In mid-2018, the firm invested $2.25 billion in GM Cruise Holdings, a division of General Motors.

While few details on the investment have been confirmed yet, both SoftBank and Toyota have already plugged money into autonomous-car technology. But considering the massive bet it has on Uber, SoftBank will want to do whatever it can to boost the business.



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