Press release

Toyota, DENSO and SoftBank Vision Fund to Invest $1 Billion in Uber’s Advanced Technologies Group

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Toyota Motor Corp. (Toyota), DENSO Corporation (DENSO) and the SoftBank
Vision Fund (SVF) announced today that they will invest $1 billion in
Uber Technologies Inc.’s Advanced Technologies Group (Uber ATG). The
investment, in a newly formed ATG corporate entity, aims to accelerate
the development and commercialization of automated ridesharing services.

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(Photo: Business Wire)

(Photo: Business Wire)

Under the terms, Toyota and DENSO will together invest $667 million and
SVF will invest $333 million, valuing the new Uber ATG entity at $7.25
billion on a post-money basis.

Toyota invested $500 million in Uber in August 2018, when the two
companies announced their intention to bring pilot-scale deployments of
automated Toyota Sienna-based ridesharing vehicles to the Uber
ridesharing network in 2021, leveraging the strengths of Uber ATG’s
self-driving technology alongside the Toyota Guardian™ advanced safety
support system.

Today’s further investment and expanded partnership builds upon the
progress made to date, deepening the companies’ collaboration in
designing and developing next-generation autonomous vehicle hardware. It
will also prepare the companies and industry for mass production and
commercialization of automated ridesharing vehicles and services. Toyota
will also contribute up to an additional $300 million over the next
three years to help cover the costs related to these activities.

Dara Khosrowshahi, CEO of Uber, said, “This investment and our strong
partnership with the Toyota Group are a testament to the incredible work
of our ATG team to date, and the exciting future ahead for this
important project, alongside great partners. The development of
automated driving technology will transform transportation as we know
it, making our streets safer and our cities more livable. Today’s
announcement, along with our ongoing OEM and supplier relationships,
will help maintain Uber’s position at the forefront of that

Shigeki Tomoyama, Toyota executive vice president and president of
Toyota’s in-house Connected Company stated that, “Toyota is dedicated
to realizing a safe and secure future mobility society. Leveraging the
strengths of Uber ATG’s autonomous vehicle technology and service
network and the Toyota Group’s vehicle control system technology,
mass-production capability, and advanced safety support systems, such as
Toyota Guardian™, will enable us to commercialize safer, lower cost
automated ridesharing vehicles and services. We believe that the
combined work of Toyota, DENSO, and Uber ATG on developing
next-generation autonomous vehicle hardware will accelerate the timeline
for and early success of automated ridesharing services.”

Hiroyuki Wakabayashi, executive vice president of DENSO said, “Among
the biggest challenges facing automated driving, most lie in how to
implement both the hardware and the software at scale. DENSO, as a
global automotive supplier, is excited to collaborate with Uber ATG and
Toyota to develop advanced automated driving hardware that we believe
will transform future mobility.”

Rajeev Misra, CEO of the SoftBank Vision Fund said, “The team at Uber
ATG has made significant progress developing highly robust automated
ridesharing technology. With a comprehensive platform of hardware and
software, the largest global ridesharing network and Toyota’s
partnership, this collaboration is well-positioned to deploy automated
ridesharing services at scale.”

The transaction is expected to close in Q3 of calendar year 2019.

About Uber

Uber’s mission is to create opportunity through movement. We started in
2010 to solve a simple problem: how do you get access to a ride at the
touch of a button? More than 10 billion trips later, we’re building
products to get people closer to where they want to be. By changing how
people, food, and things move through cities, Uber is a platform that
opens up the world to new possibilities. Today, the team at the Advanced
Technologies Group (ATG) is tackling another challenge: how do you build
and deploy safe self-driving technology at scale? The ATG is comprised
of world-class engineering talent dedicated to vehicle safety,
self-driving software, mapping, and more. Uber is taking a holistic
approach to bringing self-driving vehicles to market through a variety
of partnerships, with the ultimate goal of creating autonomous
ridesharing at scale.

About Toyota

Toyota Motor Corporation (TMC) (NYSE: TM) is the global mobility company
that introduced the Prius hybrid-electric car in 1997 and the first
mass-produced fuel cell sedan, Mirai, in 2014. Headquartered in Toyota
City, Japan, Toyota has been making cars since 1937. Today, Toyota
proudly employs 370,000 employees in communities around the world.
Together, they build around 10 million vehicles per year in 28 countries
and regions, from mainstream cars and premium vehicles to mini-vehicles
and commercial trucks, and sell them in more than 170 countries and
regions under the brands Toyota, Lexus, Daihatsu and Hino. For more
information, please visit

About DENSO Corporation

DENSO is a $48.1 billion global mobility supplier that develops advanced
technology and components for nearly every vehicle make and model on the
road today. With manufacturing at its core, DENSO invests in its 220
facilities in 35 countries to produce thermal, powertrain, mobility,
electrification, & electronic systems, to create jobs that directly
change how the world moves. The company’s 170,000+ employees are paving
the way to a mobility future that improves lives, eliminates traffic
accidents, and preserves the environment. Globally headquartered in
Kariya, Japan, DENSO spent 8.8 percent of its global consolidated sales
on research and development in the fiscal year ending March 31, 2018.
For more information about global DENSO, visit