Uber Gets $500 Million Investment From Toyota
This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. Terms apply to the offers listed on this page. For an explanation of our Advertising Policy, visit this page.
The world’s biggest ride-hailing company is getting a massive investment from the world’s largest automaker. Japanese giant Toyota has announced it will be investing $500 million in Uber in a strategic move that intends to bring the two companies closer together in the development of self-driving cars.
Both Toyota and Uber already have self-driving car programs, and the move could create a market for the companies to flood the streets with autonomous vehicles. The investment was made at a valuation of Uber at $72 billion, and Toyota says the partnership will be “critical in realizing self-driving technology at scale.”
The companies anticipate that the new vehicles produced will be owned and operated by third party autonomous fleet operators, so neither Toyota or Uber will be responsible for managing the fleet of self-driving cars.
“The deal is the first of its kind for Uber, and signals our commitment to bringing world-class technologies to the Uber network,” Uber CEO Dara Khosrowshahi said in a statement. “Our goal is to deploy the world’s safest self-driving cars on the Uber network, and this agreement is another significant step towards making that a reality.”
The investment is welcome news for Uber’s self-driving car program, which has hit a few bumps recently, including a pedestrian death in Arizona last March and a lawsuit from Google. It shutdown its operations in Arizona after a self-driving car struck and killed a person — the company only recently reentered the Pittsburgh market with its self-driving cars but have yet to put them back in autonomous mode.
As part of the partnership, Uber will use Toyota Sienna Minivans outfitted with Uber and Toyota’s self-driving technology. Uber will begin testing the vehicles on its ride-hailing network in 2021.
Toyota and Uber have worked together in the past — in January they revealed an autonomous vehicle concept dubbed e-Palette, and in 2016 Toyota invested in the ride-hailing firm to allow drivers to lease Toyota vehicles and have earnings from their rides automatically cover car payments.
Waymo, Google’s self-driving car project, has forged similar partnerships with Jaguar and Chrysler to build and develop self-driving cars. Lyft joined with General Motors, Ford and Google in pursuit of its own autonomous ride technology.
Featured image by Justin Sullivan / Getty Images.
Welcome to The Points Guy!
Earn 90,000 bonus miles and 10,000 Medallion® Qualification Miles (MQMs) after you spend $3,000 in purchases on your new card in the first three months of card membership. Offer ends 11/10/2021.
With Status Boost™, earn 10,000 Medallion Qualification Miles (MQMs) after you spend $25,000 in purchases on your Card in a calendar year, up to two times per year getting you closer to Medallion Status. Earn 3X Miles on Delta purchases and purchases made directly with hotels, 2X Miles at restaurants and at U.S. supermarkets and earn 1X Mile on all other eligible purchases. Terms Apply.
- Limited Time Offer: Earn 90,000 Bonus Miles and 10,000 Medallion® Qualification Miles (MQMs) after you spend $3,000 in purchases on your new Card in your first 3 months. Offer expires 11/10/2021.
- Earn up to 20,000 Medallion® Qualification Miles (MQMs) with Status Boost® per year. After you spend $25,000 in purchases on your Card in a calendar year, you can earn 10,000 MQMs two times per year, getting you closer to Medallion® Status. MQMs are used to determine Medallion® Status and are different than miles you earn toward flights.
- Earn 3X Miles on Delta purchases and purchases made directly with hotels.
- Earn 2X Miles at restaurants worldwide, including takeout and delivery and at U.S. supermarkets.
- Earn 1X Miles on all other eligible purchases.
- Receive a Domestic Main Cabin round-trip companion certificate each year upon renewal of your Card. *Payment of the government imposed taxes and fees of no more than $75 for roundtrip domestic flights (for itineraries with up to four flight segments) is required. Baggage charges and other restrictions apply. See terms and conditions for details.
- Enjoy your first checked bag free on Delta flights.
- Fee Credit for Global Entry or TSA Pre✓®.
- Enjoy an exclusive rate of $39 per person per visit to enter the Delta Sky Club® for you and up to two guests when traveling on a Delta flight.
- No Foreign Transaction Fees.
- $250 Annual Fee.
- Terms Apply.
- See Rates & Fees