Toyota has revealed that it owns nearly $300 million worth of shares in ride-hailing big Uber Applied sciences.
The revelation was made with the discharge of the Japanese automaker’s company governance report launched on Wednesday. The report confirmed that Toyota held 10.25 million Uber shares valued at 31.15 billion yen ($292.46 million) as of March 30, accounting for roughly 0.6 p.c of Uber’s excellent shares.
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Shares in Uber closed out at $27.83 on March 30, properly down on the $41 mark they’d reached simply previous to the stock market crash triggered by the coronavirus pandemic. As of the writing of this text, Tesla’s shares had been sitting at $30.46. That’s properly down on the $45 that the shares began at when Uber went public in May 2019.
Toyota has had a eager curiosity in Uber for fairly a while. In August 2018, the automotive producer invested $500 million in Uber to collectively work on the event of self-driving automobiles with a plan for Uber to combine Toyota’s Guardian driver help know-how with its self-driving system. Future Automobile stories that in 2016, Toyota additionally invested an undisclosed sum in Uber to companion on a car-leasing program for Uber drivers.
Uber had been aggressively testing and growing self-driving applied sciences previous to a crash in Tempe, Arizona on March 2018 involving one among its autonomous automobiles. The ride-hailing firm resumed testing of its automobiles 9 months after the crash however on a significantly lowered scale.
