Toyota pumps in $500 million into Uber

In a move that is definitely a leap forward for the on-demand autonomous ride-hailing industry, Japanese auto giant Toyota has injected a whopping $500 million into Uber. This deal is meant to bring autonomous vehicles into the market sooner rather than later. The deal will see Toyota’s Sienna minivans equipped with Uber’s self-driving technology and deployed on the ride-hailing service provider’s network.

Uber has been on a drive to improve its image following the various scandals that ensued under the leadership of its former CEO Travis Kalanick. Additionally, the company is also anxious to do away with its image as not being safe after a fatal accident caused by one of its self-driving cars back in March.

“Uber’s advanced technology and Toyota’s commitment to safety and its renowned manufacturing prowess make this partnership a natural fit,” said Dara Khosrowshahi, CEO of Uber. This venture is being dubbed by observers as autonomous mobility as a service. Toyota mentioned in a statement that it also plans to work on a technology which would enable a vehicle to be switched between partial and complete autonomy. This could be extremely beneficial for drivers with varying degrees of physical abilities. This system will reportedly monitor the vehicle’s entire surroundings in real time and automatically implement appropriate safety measures such as braking, lane correction, airbag deployments and so on.