Toyota is eyeing a $500 million investment in ride-hailing giant Uber at an eye-popping valuation of $72 billion, the Wall Street Journal reported Monday.
That’s a significant jump from Uber’s most recently stated valuation of $62 billion, based on a self-reported tender offer at the end of the first quarter. The company lost $659 million last quarter, marking a wider loss than its first-quarter figure, according to its own report.
The new investment is tied to an autonomous driving partnership, the Journal reported, citing unnamed sources. In June, Toyota invested $1 billion in Southeast Asian Uber-rival Grab.
Bloomberg later reported that under the deal, Toyota would incorporate Uber’s self-driving technology into Sienna cars, and an unnamed third company would operate the eventual flee of vehicles.
An Uber spokesperson was not immediately available for comment. A Toyota spokesperson did not immediately return request for comment.