(Reuters) – Toyota Motor Corp will invest about $500 million in Uber Technologies Inc to jointly work on developing driverless vehicles, the Wall Street Journal reported on Monday, citing people familiar with the matter.
FILE PHOTO: The logo of Uber is pictured during the presentation of their new security measures in Mexico City, Mexico April 10, 2018. REUTERS/Ginnette Riquelme/File Photo
The investment valued Uber at about $72 billion, WSJ reported.
Earlier this year, a group of investors led by Japan’s SoftBank Group Corp invested in Uber, as Softbank became its largest shareholder.
Toyota and Uber were not immediately available for comment.
Reporting by Arunima Banerjee in Bengaluru; Editing by Shailesh Kuber