Toyota will invest 500 million dollar in Uber

Toyota plans to invest around $500 million in Uber. The Wall Street Journal reports, as the two enter an agreement to work together on driverless technologies.

The publication cites sources familiar with the matter and the investment would value Uber at $72 billion.

Reports surfaced earlier this month that Uber investors told the company it should consider selling off its self-driving car unit due to the substantial losses the project has racked up.

The cash influx will likely be good news for CFO Nelson Chai. Last week, Uber hired the new chief financial officer, filling a position that had been left open since 2015. The company's continued losses are expected to be a challenge for Chai as Uber moves towards an IPO next year.

(dhakatimes/28august/az)