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Business deals

SoftBank and Toyota plot self-driving leap with $1bn Uber deal

Spinoff of the autonomous vehicle unit comes into view with the investment

Uber has been developing self-driving vehicles in Pittsburgh, Pennsylvania, since 2015.     © Reuters

NAGOYA, Japan/PALO ALTO, U.S. -- A trio of Japanese companies, headlined by SoftBank Group and Toyota Motor, will invest $1 billion in the autonomous vehicle unit of Uber Technologies, aiming to catch up with Google-spawned leader Waymo, the group announced on April 19.

Under the deal, Toyota will invest $400 million in Uber Advanced Technologies Group, while SoftBank will contribute $330 million through its Vision fund. The remaining $267 million will come from auto parts supplier Denso, a Toyota affiliate.

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