Uber self driving cars

Uber Technologies Inc. is nearing a deal with a group including SoftBank Group Corp. that would invest in its self-driving car unit at a valuation of $7.25 billion, according to people familiar with the matter, as the ride-sharing firm readies its initial public offering

Uber is nearing a deal with a group, including SoftBank, to invest in its self-driving car unit to be valued at $7.25 billion, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.

SoftBank, Toyota, and Japanese auto-parts supplier Denso are expected to invest a total of $1 billion as part of the deal, which could be announced in the next few days, the report said.

SoftBank closed its $8 billion investment in Uber in January 2018, which gave it a 16 percent stake in the ride-hailing company and made it the largest shareholder.

Uber is signing a deal for self driving vehicles

The Japanese technology investment fund also has investments in General Motors’ self-driving car subsidiary Cruise. SoftBank and automaker Honda have invested a total of $5 billion for acquiring separate minority stakes in Cruise.

Cruise has a value of more than $14 billion despite no significant revenue and a product not ready for commercial launch.

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Uber is getting ready for its initial public offering (IPO) and filed for it last week.

Toyota and Denso declined to comment, while Uber and SoftBank did not respond to Reuters’ requests for comment.

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