dearJulius.com Write For Us

Toyota invests $500 million in Uber to develop self-driving car fleet

SHARE:

An Uber app on a mobile telephone in central London on September 22. On Monday, Toyota announced it would invest $500 million in Uber to facilitate the development of self-driving technology. File Photo by Will Oliver/EPA-EFE

By Ray Downs, UPI

Toyota announced a $500 million investment in Uber to facilitate the development of the ride-hailing service's self-driving car fleet, the two companies announced on Monday.

The partnership ensures that Toyota's self-driving technology will be used in Uber's rapidly growing plans to develop a self-driving ride sharing service. And by 2021, Uber plans to have a fleet of Toyota Sienna Minivan equipped with self-driving technology to provide rides to customers.

"Combining efforts with Uber, one of the predominant global ride-sharing and automated driving R&D companies, could further advance future mobility," Shigeki Tomoyama, the president of the Toyota Connected Company, said in a statement. "This agreement and investment marks an important milestone in our transformation to a mobility company as we help provide a path for safe and secure expansion of mobility services like ride-sharing that includes Toyota vehicles and technologies."

According to The New York Times, the $500 million investment provides some cushion for Uber so it can continue testing and developing self-driving technology while not having to pay the full expense for the fleet of vehicles.

And this isn't the first time an auto company has teamed up with a tech company.

Waymo, the Google-owned self-driving technology company, has formed partnerships with Chrysler and Jaguar Land Rover. And Lyft has worked with Ford and General Motors.

"We're seeing marriages of companies of complementary abilities," Brian Collie of Boston Consulting Group told CNN. "Partnerships are quite necessary and create value toward bringing mobility as a service to the market faster."

COMMENTS



Note: If you think this story need more information or correction, feel free to comment below your opinion and reaction.
Like & Follow to Stay Updated ...

Name

Alabama,1,Arizona,1,Barack,1,California,3,Colorado,1,Connecticut,1,Crime,531,Florida,1,Franc,1,Hawaii,8,Illinois,1,Los Angeles,2,Massachusetts,3,Mississippi,1,New York,130,U.S.,1558,Washington,4,
ltr
item
U.S. - U.S. Daily News: Toyota invests $500 million in Uber to develop self-driving car fleet
Toyota invests $500 million in Uber to develop self-driving car fleet
https://2.bp.blogspot.com/-r-6ac3KyTH0/W4TYHh6xbMI/AAAAAAAA7Wo/zkNEGsZemywXud7BPpP8xg33tFV9JjDCgCEwYBhgL/s1600/3.jpg
https://2.bp.blogspot.com/-r-6ac3KyTH0/W4TYHh6xbMI/AAAAAAAA7Wo/zkNEGsZemywXud7BPpP8xg33tFV9JjDCgCEwYBhgL/s72-c/3.jpg
U.S. - U.S. Daily News
https://us.dailynews.us.com/2018/08/toyota-invests-500-million-in-uber-to.html
https://us.dailynews.us.com/
https://us.dailynews.us.com/
https://us.dailynews.us.com/2018/08/toyota-invests-500-million-in-uber-to.html
true
3263844984480124152
UTF-8
Loaded All Posts Not found any posts VIEW ALL Read More Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share. STEP 2: Click the link you shared to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy