Uber is on track to close a deal that could value its self-driving car unit at $7.25 billion, according to The Wall Street Journal.
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These sources said that the company is eager to get this deal in place so that it can plug the unit's value and growth prospects, The Journal wrote.paperwork filed for its IPO"We believe that autonomous vehicle technologies will enable a product that competes with the cost of personal vehicle ownership and usage, and represents the future of transportation," it wrote, adding that this"will be an important part of our platform over the long term.
This is a costly business for the company, however. In 2018, it spent $457 million on its autonomous vehicle-focused Advanced Technologies Group and other tech initiatives — including Uber Elevate, its futuristic urban aircraft program, Business Insider previouslyAnd it is not without risk. In 2018, the company halted testing of its self-driving cars after a vehicle killed a pedestrian in Arizona.
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