Toyota's Annual Governance Reports Reveals That it Holds a $293 Million Stake In Uber
【Summary】Toyota’s latest corporate governance report was released on Wednesday and it revealed that the automaker holds a $293 million stake in ride-hailing giant Uber Technologies Inc. Toyota said it held 10.25 million shares valued at 31.15 billion yen ($292.46 million) as of March 30, 2020.

Toyota's latest corporate governance report was released on Wednesday and it revealed that the automaker holds a $293 million stake in ride-hailing giant Uber Technologies Inc.
Toyota said it held 10.25 million shares valued at 31.15 billion yen ($292.46 million) as of March 30. This amounts to roughly 0.6% of Uber's outstanding shares, Reuters reports.
Toyota made several other high-profile investments in Uber over the past several years.
In August 2018, Toyota invested $500 million in Uber to jointly work on development of self-driving vehicles. Uber planned to incorporate Toyota's Guardian driver assist technology with Uber's self-driving system. Uber planned to add the autonomous vehicles to its ride-hailing network by 2021.
Two years earlier In 2016, Toyota invested an undisclosed sum in Uber to partner on a car-leasing program for Uber drivers. However Uber announced in Sept 2017 that it was shuttering its U.S. car leasing business.
Like Toyota, Uber has been developing autonomous driving technology since at least 2016 with its Advanced Technologies Group (Uber ATG). Uber eventually plans to add self-driving vehicles to its ride-hailing network and its partnership with Toyota is part of that effort.
Uber became a listed company in May 2019, pricing its shares at $45. The IPO was one of the biggest in recent years. At Uber's IPO price of $45 per share, the company was valued on a non-diluted basis at about $75.4 billion, making it one of the most valuable companies ever to go public.
However, Uber shares never rose above $46.38 as the company struggled to reach profitability in its ride-hailing business. When the coronavirus pandemic began in March in the U.S., the company's shares fell to a low of $21.33 as demand for ride-sharing business suddenly declined.
Toyota, one of the world's biggest automakers and holds investments in a variety of industries. The company said it had reduced its shareholdings in 24 companies and increased them in 10, including two listed companies.
"If Toyota determines a shareholding is no longer meaningful or the meaning of a shareholding has been diluted due to changes in business environment or other reasons, (it) will proceed with the sale of such shares," Toyota said in the report.
Toyota currently has an interest in 174 firms, including 65 listed companies, compared with 200 firms in 2015, of which 80 were listed companies, according to Reuters.
In January, Toyota announced a $394 million investment in California aviation startup Joby Aviation. The company is developing vertical takeoff and landing (VTOL) aircraft designed to carry passengers.
Uber is also working on VTOL aircraft as part of its aerial ride-sharing business Uber Air. The first flights are scheduled for 2023.
resource from: Reuters
-
Volkswagen Reveals the Exterior of the Upcoming Electric ID.4
-
Volkswagen to Build EV Battery Cells & Packs in Tennessee for its Future Electric Models
-
General Motors CFO Unexpectedly Departs to Take Role at Online Payment Startup Stripe
-
Chinese Electric Vehicle Startup Xpeng Motors in Talks for Another $300 Million in New Funding, Sources Say
-
Tesla’s Recent Stock Surge Has Also Helped its Battery Supplier LG Chem
-
Uber is in Talks for a $500 Million Investment in its Uber Freight Unit
-
California Electric Automaker Fisker to go Public in a Deal That Would Give the Company a $2.9 Billion Valuation
-
Uber Launches a Grocery Delivery Service in South America & Canada, Will Soon Launch in the U.S.
- Toyota-backed Joby Aviation Granted Air Carrier Certificate From the FAA to Begin ‘Air Taxi’ Operations With its 4-Passenger, eVTOL Aircraft
- Tesla Aims to Make China the ‘World’s Largest Vehicle Export Hub’ with a Second Factory
- Tesla Chief Executive Elon Musk Has a New Role, Twitter Board Member
- China’s Tesla Rival NIO Begins Deliveries of its New ET7 Flagship Electric Sedan
- Tesla’s German Gigafactory Delivers the First Model Ys After Officially Starting Production
- Mercedes-Benz to Use Vehicle Sensor Data to Monitor Road Conditions in Real-Time in a New Large-Scale Pilot in the Netherlands
- Tesla’s Battery Supplier Panasonic is Close to Selecting the Site of its New U.S. Battery Plant
- Polestar Announces Strategic Partnership With StoreDot, a Company Developing Rapid Charging Technology for EV Batteries
- Tesla's Battery Supplier CATL Unveils its New ‘Qilin’ Battery That Can Deliver 600+ Miles of Range to EVs
- Ford Starts F-150 Lightning Production, Marking Another Significant Milestone for the Company