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Toyota offers $500mln in funding to Uber as part of driverless car venture, says WSJ

Toyota's investment would take Uber's estimated value to about US$72bn, according to the report

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The two companies are working together on the development of driverless vehicles

Toyota Motor Corp (NYSE:TM) is expected to invest roughly US$500mln in the cab-hailing app firm Uber Technologies Inc as part of a pact which involves the two companies working together on the introduction of driverless vehicles, per a Wall Street Journal report.

The investment by Toyota would take Uber’s estimated value to about US$72bn, according to the Journal report.

Read: Uber sees second-quarter sales rise, losses narrow as ride-hailing app group continues global expansion

Uber has been on the hunt for ways to slash its costs for research and development and pare back its losses.

Earlier this month, the privately-owned company – which is not required to publicly report its financial results - reported second-quarter adjusted net revenue of US$1.75bn, up from US$1.5bn in the first quarter, as its second-quarter bookings rose by 16%.

The group posted a second-quarter loss of US$891mln, down from a US$1.06bn loss a year earlier, and closed the period with cash and equivalents of US$7.28bn.

Uber declined to comment to the Wall Street Journal regarding its story.

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NYSE:UBER
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Market Cap: $45.63 billion
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