Toyota to invest $500 million in Uber

Toyota plans to invest $500 million in Uber, according to a report from The Wall Street Journal.

The two companies have entered into an agreement which will see them work together on driverless car technology, according to sources familiar with the deal.

Toyota’s investment in Uber would value the ride-hailing company at $72 billion, slightly higher than it was valued by the SoftBank investment.

This follows Uber’s recent appointment of Nelson Chai as chief financial officer, after the company did not have an executive in the position for over three years.

Uber is also targeting an initial public offering in the second half of 2019, but continues to lose money on a regular basis – losing more than $11 billion throughout its lifetime.

Now read: Uber appoints Merrill Lynch veteran as CFO

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Toyota to invest $500 million in Uber