Softbank close to $1bn investment in Uber’s driverless car business

Softbank close to $1bn investment in Uber's driverless car business

Investors including Japanese technology giant Softbank are closing in on a deal to invest up to $1bn (£750m) in Uber’s self-driving car business.

Softbank is part of a consortium in talks for a minority stake that is expected to value the autonomous car business at between $5bn and $10bn.

The investment in Uber’s Advanced Technologies Group, its loss-making self-driving car business, would serve to speed the ride-hailing company on its way to its much-anticipated $120bn listing later this year. The talks were first reported by the Wall Street Journal.

Uber’s self-driving car arm has been a major drag on losses for the California company. The business, based out of its research centre in Pittburgh,…

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