San Francisco/Tokyo — Toyota Motor is investing $500m more in Uber Technologies, underscoring the Japanese carmaker’s efforts to catch up on self-driving technology as General Motors and Alphabet’s Waymo lead the race to upend the industry. As part of the accord announced on Monday, Toyota plans to manufacture Sienna minivans loaded with Uber’s software, with testing slated to begin on Uber’s ride-sharing network in 2021. Toyota’s stake is set to value the ride-hailing company at $76bn, according to a person familiar with the matter, who asked not to be identified because the details are private. The 81-year-old manufacturer is accelerating a push to transform into a mobility-services provider, with CEO Akio Toyoda warning that a once-a-century paradigm shift in the industry has become a life-or-death battle for traditional carmakers. Uber isn’t Toyota’s only investment in a ride-sharing company — it poured $1bn into Southeast Asia’s Grab earlier this year and has a partnership with...
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