Apr 19, 2019

Uber raises $1 billion for its self-driving unit

Uber self-driving car in Pittsburgh. Photo by Jeff Swensen/Getty Images

Uber on Thursday night confirmed that it has raised $1 billion for its autonomous driving unit at a post-money valuation of $7.25 billion.

Why it matters: Uber is preparing to go public next month, and this deal could soothe some investor concerns about the cash-burn on self-driving R&D.

Existing Uber shareholders SoftBank Vision Fund and Toyota were joined by Japanese auto parts maker DENSO.

  • Toyota and DENSO will invest a combined $667 million, with SoftBank's Vision Fund putting in the rest.
  • The self-driving unit will form an 8-person board of directors that will be comprised of six Uber-appointed members, one from SoftBank, and one from Toyota. Its employees will continue to be compensated with Uber stock.
  • Toyota also is committing up to an additional $300 million over the next three years to deploy autonomous vehicles into the Uber's network by 2021. SoftBank last year made a similar investment into General Motors' self-driving car unit, Cruise.

Go deeper: Uber files for its long-awaited IPO

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Updated 40 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 6,724.516 — Total deaths: 394,018 — Total recoveries — 2,996,832Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 1,894,753 — Total deaths: 109,042 — Total recoveries: 491,706 — Total tested: 19,231,444Map.
  3. Public health: WHCA president says White House violated social-distancing guidelines to make reporters "a prop" — Jailing practices contribute to spread.
  4. Sports: How coronavirus could reshuffle the sports calendar.
  5. Jobs: Better-than-expected jobs report boosts stock market.
  6. Media: The Athletic lays off 8% of staff, implements company-wide pay cut.

Scoop: German foreign minister to travel to Israel with warning on annexation

Heiko Maas. Photo: Michael Kappeler/picture alliance via Getty Images

German Foreign Minister Heiko Maas is expected to travel to Israel next week to warn that there will be consequences if Israeli leaders move forward with plans to annex parts of the West Bank, Israeli officials and European diplomats tell me.

Why it matters: Israeli and European officials agree that if Israel goes ahead with unilateral annexation, the EU will respond with sanctions.

Minneapolis will ban police chokeholds following George Floyd's death

A memorial for George Floyd at the site of his death in Minneapolis. Photo: Steel Brooks/Anadolu Agency via Getty Images

Minneapolis has agreed to ban the use of police chokeholds and will require nearby officers to act to stop them in the wake of George Floyd's death, AP reports.

Why it matters: The agreement between the city and the Minnesota Department of Human Rights, which has launched an investigation into Floyd's death while in police custody, will be enforceable in court.