Autonomous

SoftBank and Toyota may invest in Uber’s self-driving vehicle unit

SoftBank Group Corp and Toyota Motor Corp are in talks to invest $1 billion or more into Uber Technologies Inc’s self-driving vehicle unit, according to a report by Reuters.

The timing of the investment also important as there are also reports that the ride-hailing firm is preparing for a stock market debut and could go public in the next few months.

The Japanese automaker last year had also invested $500 million into Uber to work on self-driving cars. SoftBank has also invested $2.25 billion in Cruise, General Motors’ self-driving unit.

Toyota and SoftBank have also recently formed a strategic partnership to facilitate the creation of new mobility services. The companies also established a joint venture company, MONET Technologies Corporation which commenced operation in January this year.

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