Uber's autonomous vehicle unit has raised $1 billion from a consortium of i...
SAN FRANCISCO - Uber’s autonomous vehicle unit has raised $1 billion from a consortium of investors including SoftBank Group Corp, giving the company a much-needed funding boost for its pricey self-driving ambitions on the eve of its public stock offering.
Toyota will also contribute up to an additional $300 million over the next three years to help cover the costs of building commercial self-driving vehicles, Uber said.Uber CEO Dara Khosrowshahi said that the funding “will help maintain Uber’s position at the forefront of” a transforming transportation industry.
The self-driving business unit brings in no meaningful revenue for Uber, which last year lost $3.03 billion. Uber is preparing to launch its “roadshow,” when it will pitch its company prospective investors, the week of April 29, setting up for an early May debut on the New York Stock Exchange. It is expected to raise $10 billion at a $90 billion to $100 billion valuation.The transaction is expected to close the third quarter. The deal, however, will almost certainly require approval from the inter-agency regulatory group called the Committee on Foreign Investment in the United States .
Both SoftBank and Toyota are repeat Uber investors. SoftBank took a more than 16 percent stake in the company after investing around $8 billion last year, becoming its largest shareholder. Toyota invested in Uber in 2016 and again in August with a $500 million check to work jointly to develop self-driving cars.
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