Uber is in advanced discussions to sell a $1-billion stake in its costly self-driving-car unit.
Uber Technologies Inc. is in advanced discussions to sell a $1-billion stake in its costly self-driving-car unit to a consortium of investors led by SoftBank Group Corp., people familiar with the plans said.
The deal would value the autonomous-vehicle business at $5 billion to $10 billion, and Uber would retain a majority stake, said the sources, who asked not to be identified because the discussions were private. The plans weren’t finalized and could fall apart.SoftBank and Uber declined to comment. The late-stage discussions were reported earlier Wednesday by the Wall Street Journal.
In selling a piece of the self-driving business, Uber would offload part of a very expensive endeavor as the company faces scrutiny from prospective investors in an initial public offering planned for the coming months. The ride-hailing giant has yet to publicly file financial paperwork for its IPO but recently said it lost an adjusted $1.8 billion last year. The company has burned through more than $10 billion in its lifetime, and the development of autonomous cars accounts for a sizable chunk.
In addition to the financial liability, the autonomous-car effort has had a tumultuous history. Uber assembled the early team by pillaging a Carnegie Mellon lab, which sparked a backlash in the academic community. The company built on the effort by acquiring
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