Aug 27, 2018

Toyota to invest $500m in Uber to build self-driving cars

Japanese carmaker Toyota is to invest $500m in Uber and expand a partnership to jointly develop self-driving cars. Both Toyota and Uber are seen as lagging behind in developing self-driving cars, as firms such as Waymo, owned by Alphabet, push ahead. Uber has also scaled back its self-driving operations after a fatal crash in Tempe, Arizona, in March, when a self-driving Uber SUV killed a pedestrian. The deal extends an existing relationship with Toyota, and furthers Uber's strategy of developing autonomous driving technology through partnerships. The US firm has also teamed up with Daimler, which hopes to own and operate its own self-driving cars on Uber's network. On Monday, Uber said it planned to focus more on its electric scooter and bike business in future, and less on cars - despite the fact it could hurt profits.

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