Uber’s self-driving car unit raises $1B from Toyota, Denso and Vision Fund ahead of spin-out
https://techcrunch.com/2019/04/18/uber-atg-1-billion-toyota-denso-vision-fund-spin-out/
Uber’s has confirmed it will spin out its self-driving car business after the unit closed $1 billion in funding from Toyota, auto-parts maker Denso and SoftBank’s Vision Fund.
The development has been speculated for some time — as far back as October — and it serves to both remove a deeply-unprofitable unit from the main Uber business: helping Uber scale back some of its losses, while giving Uber’s Advanced Technologies Group (known as Uber ATG) more freedom to focus on the tough challenge of bringing autonomous vehicles to market.
