Home / World / Toyota to Invest 500 Million USD in Uber Driverless Car Deal

Toyota to Invest 500 Million USD in Uber Driverless Car Deal

Japanese car producer  Toyota is to invest $500m (£387m) in Uber and expand a partnership to jointly develop self-driving cars.

The firm said this would involve the “mass-production” of autonomous vehicles that would be deployed on Uber’s ride sharing network, BBC reports.

It is being viewed as a way for both firms to catch up with rivals in the competitive driverless car market.

The deal also values Uber at some $72bn, despite its mounting losses.

That is up 15% since its last investment in May but matches a previous valuation in February.

According to a press release issued by the firms, self-driving technology from each company will be integrated into purpose-built Toyota vehicles.