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.