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Toyota to invest $500m in Uber


Toyota to invest $500m in Uber

Japanese carmaker Toyota is investing $500 million investment in ride-hailing giant Uber in a bid to accelerate autonomous ride-sharing, the companies announced on Monday (Aug 27). The investment values Uber, one of the world's most valuable privately held companies, at $72 billion, according to a report.

Under the deal, the companies will incorporate self-driving technology into vehicles based on Toyota's Sienna minivans, and the companies plan to begin piloting the program in 2021, they said. 

Toyota has dubbed the platform "Autono-MaaS," standing for "autonomous mobility as a service."

In June, Toyota invested $1 billion in Southeast Asian Uber-rival Grab.

- Source: News websites

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