Toyota Motor Corp has minimize its stake in Uber Applied sciences Inc by about half, after the ride-hailing firm divested the autonomous driving unit on the middle of their collaboration.
“The event of autos associated to automated driving was one of many fundamental goals of Toyota’s funding,” Toyota spokesperson Shiori Hashimoto mentioned in an announcement, including that the corporate nonetheless goals to keep up their alliance.
The world’s largest automobile maker by quantity held 5.13 million shares of Uber as of March 31, down from the ten.25 million shares it owned a 12 months earlier, Toyota revealed in a regulatory submitting on Thursday.
The Japanese automaker valued its present stake in Uber at 22.4 billion yen ($165.51 million).
“Toyota continues to carry shares as a part of our purpose to keep up our collaboration and good relationship with Uber,” Hashimoto mentioned.
Toyota had invested $500 million in Uber in 2018 to collectively work on growing self-driving automobiles, as each firms sought to catch as much as rivals within the hotly aggressive autonomous driving enterprise.
In 2020, nonetheless, Uber bought its autonomous driving unit to Aurora Innovation in a bid to attain its profitability objectives.
In March Aurora mentioned it and Toyota had began testing autonomous ride-hailing fleet in Texas, with two security operators and no passenger on board. Learn full story.
Uber was not instantly out there for remark.