Investors could pump $1 billion into Uber self-driving cars

16 Mars, 2019, 02:29 | Auteur: Auguste Feret
  • Softbank group CEO Masayoshi Son delivers a speech during his company's financial results press conference at a hotel in Tokyo

Uber Technologies Inc is planning to file for an initial public offering in April, according to people familiar with the matter cited by Reuters. But considering the massive bet it has on Uber, SoftBank will want to do whatever it can to boost the business. Analysts said it's plainly obvious competitive reasons are behind Uber's advancing its IPO by half a year.

Uber will actually get beaten to an IPO by its smaller rival, Lyft, which is expected to complete its IPO in the coming weeks.

During the last quarter of 2018, Lyft had already submitted their IPO paperwork to the SEC, while the filing submitted to the Securities and Exchange Commission describes the expectation to list Lyft on Nasdaq exchange market.

The company will release its public disclosure next month and launch an investor roadshow, the sources said.

It could also help underscore Uber's value as the ride-hailing firm prepares for a stock market debut in which its value could top $100 billion.

Japan's largest automaker Toyota injected $500 million into Uber previous year to work on self-driving cars, where both companies are seen as lagging rivals like Alphabet's self-driving unit Waymo.

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The operational force of Uber lies in the fact that Uber is made available in 70 countries, while Lyft is only available in Canada and the United States at the moment, however, both Uber and Lyft are losing money.

Lyft's revenue for a year ago was $US2.2 billion, with $US8.1 billion in gross ride bookings. It had $8.1 billion in bookings in 2018, a 78 percent jump from $4.6 billion in 2017.

The investment is said to provide an inflow of cash for Uber's self-driving program, which is costing the startup to lose hundreds of millions without making any revenue. It would also provide Uber with cash for the venture: the company spent US$750 million on self-driving vehicle development in 2017, though it has since cut back.

Uber was most recently valued at $76 billion in the private market.

We've reported that Uber could be valued as high as $120 billion based on the investments its received thus far.

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