Toyota Motor Corp will invest $500 million in Uber to jointly work on developing self-driving cars, the companies said on August 27, a bid by both to catch up to rivals in the hotly competitive autonomous driving business.
Toyota, one of the world’s largest carmakers, and Uber Technologies Inc, the leading ride-hailing service, are widely seen as lagging the competition in developing self-driving cars. The partnership deepens an existing relationship and reflects Chief Executive Dara Khosrowshahi’s strategy of Uber developing autonomous vehicles through partnerships, rather than on its own.
