Softbank, Toyota and Denso Putting $1 Billion Toward Uber’s Autonomous Cars Development

"With its IPO around the corner, Uber is restructuring its loss-making Autonomous Technology Group(ATG). This is being done to avoid the tough questions on ATG dragging the broader company’s profitability down. As a targeted investment, ATG will answer to its board, made up of representatives from SoftBank and Toyota, with Uber maintaining majority control. Uber’s self-driving cars are valued at US$7.25 billion, based on the US$667 million investment from Toyota and Denso as well as SoftBank’s US$333 million investment. Hyped as the most anticipated IPO this year, Uber is clearly taking all efforts to raise its valuation in the weeks ahead." - Vinay Piparsania