Toyota investing £387m in Uber
Toyota has plans to invest £387m in Uber and expand a partnership to mutually develop self-driving cars.
The company said this would involve the ‘mass-production’ of autonomous vehicles that would be organised on Uber’s ride sharing network.
The partnership is being developed as a way for both organisations to catch up with competitors in the innovative driverless car market.
According to a press releases from both parties, autonomous technology from each company will be integrated into purpose-built Toyota vehicles. Based on Toyota’s Sienna Minivan model, the self-driving fleet’s trials will start in 2021.
Shigeki Tomoyama, executive vice president of Toyota, said, ‘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.’