Toyota will invest €427 million in Uber in a deal that values the ride-hail giant at €61.5 billion.
As part of the agreement, the two companies will work jointly on developing self-driving cars.
That’s a slightly higher valuation for Uber than what it got last December when Japan’s Softbank acquired a 20% stake in the ride-hailing business.
The news comes as Uber has been scaling back its in-house self-driving car project in the wake of a fatal crash last March in Tempe, Arizona.
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A self-driving Uber vehicle struck and killed a 49-year-old woman as she was crossing the street.
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