Business Top Stories

Toyota To Expand Its Partnership With Uber, Invests $500m In Self-driving Cars

Toyota To Expand Its Partnership With Uber, Invests $500m In Self-driving Cars

Toyota is about to revamp the business strategies and take the concept of the driverless cars to the common people. It is about to sign a deal with Uber, as a result of which, the value of the latter stands at $72 billion, regardless of the high loss tolls.

According to the Executive Vice President of Toyota, Mr. Shigeki Tomoyama, the deal with Uber will initiate a revolution in the company as it is moving towards the advanced technology. He further stated that the simple step towards the advanced technology will open the gateways to the expansion of the services like ride-sharing.

Toyota, the Japanese carmaker, is on the verge of investing £387 million or $500 million in Uber. The deal will elaborate the genre of self-driving cars and make the technology available to a huge group of people. In fact, the mass production of the advanced vehicles will allow the automobile giant to launch these on the network of ride sharing.

Though the technology is new and advanced, the investors are not leaving any stones unturned to get the most from the same. The Japanese carmaker and Uber are also looking forward to receiving an immense profit even in the stringent market.

As per the reports, the advanced technology of the driverless cars will be installed in the Toyota cars, Sienna Minivan models, which are built for the said purpose. On the other hand, the pilot trials on the aforementioned cars will be initiated in 2021.

Currently, the Alphabet-owned Waymo is leading ahead of the Toyota and Uber in designing the self-driving cars.

The trial for the self-driving cars has been suspended by Uber after a car met with a fatal crash with a pedestrian. Not only it killed the lady but has also raised a lot of questions against the security. Hence, the Arizona operations have eradicated the presence of autonomous cars from the roads.

About the author

Mark McCarthy

Mark McCarthy

Mark has completed a Masters Degree in Business Administrations. He holds a strong understanding of the business world with about 10 years of presence in the industry. He has been working as an affluent source of knowledge and is a well-known persona in the business sector. He is admired for greatest inputs in his field. He contributes with a unique style of communication in Lincoln Trail Publishing. He loves listening to classical music in his leisure time.