After exploding onto the global scene, Uber has started to gain more attention by its strategy, which is clearly shaping ujp to be one of the more interesting in the market. Uber`s Advanced Technologies Group or ATG, which develops self-driving vehicles, has netted and investment from the Softbank Vision Fund to the tune of $333 million while Denso and Toyota have invested $667 million. Uber released its public IPO filing in April and is expected to debut at the valution of up to $100 billion in May. This article was sourced from CNBC, Deirdre Bosa.
Toyota and Japanese auto-parts supplier Denso will together invest the largest amount of $667 million dollars. Representatives from the investors took part in a signing ceremony at Uber Headquarters in San Francisco Thursday morning with Uber CEO Dara Khosrowshahi and ATG leader Eric Meyhofer. Note that Uber officially has taken this idea to market by kicking off the IPO process with the public filing of its prospectus.
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Uber, is far more global and diversified than Lyft, a rival but note that Uber burned through over twice the amount of cash last year and thus must take action. The new investment gives Uber fresh capital to develop technology for self-driving cars and trucks. Finally, Toyota has committed another $300 million over the next three years to help cover costs of the newly formed unit.