July 31, 2016 / 6:31 PM / in a year

Uber to invest $500 million in global mapping project: FT

NEW YORK (Reuters) - Ride-hailing service Uber [UBER.UL] has decided to invest $500 million into an ambitious global mapping project to wean itself off dependence on Google Maps and pave the way for driverless cars, the Financial Times reported on Sunday.

A taxi passes by an advertisement for the Uber car and ride-sharing service displayed on a bus stop in Paris, France, in this March 11, 2016 file photo. REUTERS/Charles Platiau/File Photo - RTX2GONB

The San Francisco-based company is ramping up spending in new technologies such as mapping and driverless cars following new investments into the company earlier this year.

A representative for Uber could not immediately be reached for comment.

Reporting by Catherine Ngai; Editing by Marguerita Choy

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