SoftBank and Toyota to Invest $1 Billion in Uber's Self-driving Unit
AP Photo/Eric Risberg
Main page News, Auto, Uber

SoftBank and other investors, including Toyota, are negotiating with Uber about a potential billion-dollar investment in the company's unit responsible for the development of self-driving cars, theWall Street Journal, theNew York Times and Reuters reported quoting sources familiar with the negotiations.

The agreement could be announced in April, however, it has not been reached yet, which means that the negotiations could still fall apart. The attracted funds will be used to fund the development of self-driving cars, since the company is spending hundreds of millions of dollars in it without generating any revenue.

Uber expects to reach a valuation of about $120 billion during its IPO.

Softbank became Uber's largest shareholder in January 2018. In December, Uber and Lyft filed their IPO application at the same time. Uber could go public during the first quarter of 2019, while Lyft plans to celebrate its IPO in March or April.

In 2017, Uber spent about $750 million in the development of self-driving cars.

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