Aug 27, 2018 - Technology

Toyota invests $500 million in Uber

Uber logo on a car. Photo: Smith Collection/Gado/Getty Images

Toyota is investing $500 million in Uber as part of a deal to jointly develop self-driving car technology, as the Wall Street Journal first reported and Uber later confirmed. Toyota first invested in the ride-hailing company in 2016.

Why it matters: Uber has had a bumpy ride with its self-driving car efforts. It spent a year in court fighting claims by Google's Waymo that a company Uber acquired stole its trade secrets. Earlier this year, the company also suspended its autonomous vehicle testing after a car struck and killed a pedestrian in Arizona.

More: As part of the deal, the companies will outfit a number of customized Toyota Sienna minivans with their self-driving car tech. These cars will be operated by a third-party, though they'll be accessible via Uber's ride-hailing network.

The story has been updated with Uber's confirmation of the deal and additional details.

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