Published: Sun, March 17, 2019
Markets | By Otis Pena

Ride-hailing: Investors could pump $1 bn into Uber self-driving cars

Ride-hailing: Investors could pump $1 bn into Uber self-driving cars

Since Uber still has weeks of preparation before releasing third IPO, Lyft has a great shot at issuing Lyft IPO before Uber gets a chance to do so, which will help the company avoid being overshadowed by Uber that undoubtedly has more operational force in oppose to Lyft.

Toyota, SoftBank investors likely to invest $1 billion into Uber's self-driving vehicle unit, which would esteem the unit at $5 billion to $10 billion, said two individuals acquainted with the discussions.

SoftBank has also made another investment of $2.25 billion in a self-driving unit Cruise of General Motors Co's, which is also being funded by Honda Motor Co Ltd.

Uber has been in a race with Google-owned Waymo and a host of other companies, including major automakers, to develop self-driving vehicles. The investment would reportedly be specifically in Uber's self-driving technology department, and comes as Uber is heading towards an initial public offering of stock.

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Uber, a global logistics and transportation company most recently valued at $US76 billion ($108 billion) in the private market, is seeking a valuation as high as $US120 billion, although some analysts have pegged its value closer to $US100 billion based on selected financial figures it has disclosed. However, he indicated plans to continue developing self-driving cars in the future with hopes to lead the way autonomous cars.

The proposed investment was earlier reported by The Wall Street Journal. Its fleet of vehicles was also grounded for nine months past year after one of the autonomous cars struck and killed a pedestrian in Arizona. The company lost $911 million.

After losing about $3.3 billion a year ago, Uber is hoping to bring a change in the automobile industry by introducing self-driven cars. Japan's SoftBank is now their largest investor.

Lyft, a smaller firm which has ride-hailing and bike-renting in the United States and several Canadian cities, is seeking a valuation of $US20 billion to $US25 billion, up from its $US15 billion valuation as a private company.

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