Uber IPO: billions are pumped in unprofitable business
Uber raised a billion dollars from three Japanese companies for his upcoming IPO. The money is intended to finance the development of self-driving cars.
The investors are automaker Toyota, a SoftBank investment fund and car parts maker Denso. With the money from the Japanese, the branch for self-driving cars is valued at 7.25 billion dollars.
Car makers, tech companies and taxi services like Uber have high expectations of self-driving cars, but the development costs a lot of money. As a result, Uber recorded an operational loss of 3 billion dollars last year. The investment must help to continue with the development.
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