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.