SoftBank, Toyota in talks to invest $1 bn in Uber unit

NEW YORK: A group of investors led by SoftBank Group Corp and Toyota Motor Corp is in talks to invest $1 billion or more into Uber Technologies Inc’s self-driving vehicle unit, which would value the unit at $5 billion to $10 billion, said two people familiar with the talks.
The investment would provide a cash injection for Uber’s self-driving programme that is costing the money-losing startup hundreds of millions of dollars without generating revenue.
It could also help underscore Uber’s value as the ride-hailing firm prepares for a stock market debut in which its value could top $100 billion.
Uber and SoftBank declined to comment. A Toyota spokesman said the automaker “constantly reviews and considers various options for investment” but does not have anything to announce.
News of investment talks was first reported by The Wall Street Journal, which said a deal could be reached next month. SoftBank Group shares rose 4 per cent in morning Tokyo trade whereas Toyota’s stock was flat. Japan’s largest automaker Toyota injected $500 million into Uber last year to work on self-driving cars, where both companies are seen as lagging rivals like Alphabet Inc’s self-driving unit Waymo. — Reuters