India, April 19 -- Ride-hailing company Uber Technologies Inc. said Thursday that a consortium of investors that includes Japanese conglomerate SoftBank Group Corp. (SFTBF.PK) will invest $1 billion in the company's self-driving car unit.
Automaker Toyota Motor Corp. (TM), automotive parts supplier Denso Corp. (DNZOY.PK) and SoftBank Vision Fund will invest $1 billion in the company's autonomous vehicle unit, Advanced Technologies Group or ATG.
Uber's announcement of the $1 billion investment comes just ahead of its highly-anticipated initial public offering or IPO.
The investment by the consortium, in a newly-formed ATG corporate entity, is intended to speed up the development and commercialization of automated ridesharing services, Ube...