by Donald Wood
Last updated: 11:54 AM ET, Wed August 29, 2018
Toyota Motor Corp. announced Monday it will be investing $500 million into Uber Technologies Inc. as part of a joint program to develop self-driving cars.
According to Reuters.com, Toyota and Uber have been widely considered behind many other companies when it comes to the autonomous driving industry, and the expanded partnership should help restart the self-driving overhaul.
Uber and CEO Dara Khosrowshahi have taken a step away from autonomous driving cars since one of the vehicles struck and killed a pedestrian in Tempe, Arizona, in March. The company has removed self-driving cars from the road, laid off hundreds of employees and closed its autonomous testing hub in Arizona.
As part of the partnership with Toyota, the ride-hailing service will combine its autonomous driving system with Toyota's Guardian technology. With the vehicle manufacturer's automated safety features, the technology will be installed in Sienna minivans which will be added to Uber's fleet starting in 2021.
The investment has improved the value of Uber from $72 billion to $76 billion.
Another main goal of the partnership is to overcome the issues that arise from mass producing self-driving cars for shared fleets, including ride-hailing services. Both companies are looking to implement their visions for deploying autonomous technology in the long term.
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