Reports surfaced earlier this month that Uber investors told the company it should consider selling off its self-driving auto unit due to the substantial losses the project has racked up. "Uber's advanced technology and Toyota's commitment to safety, and its renowned manufacturing prowess make this partnership a natural fit", he said.
It seems Uber has plans to up its game in the self-driving vehicle industry.
The Wall Street Journal reported the investment earlier Monday, and details of the driverless-car partnership hadn't been previously reported. Toyota's investment values Uber at $72bn, despite mounting losses that totalled $4.5bn in 2017.
The two companies announced on Tuesday that technology from both will be integrated into purpose-built Toyota vehicles, which will be used on Uber's ride-sharing network.
Automakers and tech companies continue scrambling to position themselves for a future in which vehicle ownership gives way to mobility as a service. The business alliances were created to focus on the development of the new e-Palette concept vehicle in the near term.
Eddie Murphy is expecting his TENTH child, and fair play to him
This will be the 10th child for Eddie , who is dad to eight other children, his oldest being his 29-year-old son Eric . His second child, son Christian, was born to ex-girlfriend Tamara Hood in 1990. "It's just pretty natural".
Uber and Didi are also partnering Toyota in the carmaker's vision for a fleet of autonomous, modular boxes on wheels that can be customised to transport anything from people to pizza. Uber subsequently withdrew its autonomous cars from the road, laid off hundreds of test drivers and closed its self-driving testing hub in Arizona. Our goal is to deploy the world's safest self - driving cars on the Uber network, and this agreement is another significant step towards making that a reality.
Uber suspended its self-driving vehicle testing in the Phoenix area, Pittsburgh, San Francisco and Toronto.
Toyota has stated that the initial "Autono-MaaS" (autonomous-mobility as a service) fleet will be based on Toyota's Sienna Minivan platform. Over that time, the company's share price has seen more ups and downs than a typical privately held company.
The company encountered a series of setbacks when it tried to develop autonomous technology on its own - and five months ago, its plans were derailed after a self-driving vehicle ran over and killed a pedestrian in the US.