Uber Has Spent More Than $1 Billion on Driverless Cars

Uber Technologies Inc. has spent more than $1 billion on autonomous vehicle technology to compete with giants such as Alphabet Inc., Apple Inc. and General Motors Co.

The ride-hailing company reported $457 million in research and development expenses for its self-driving unit on Thursday in its filing for an initial public offering. That was up from $384 million in 2017 and $230 million in 2016. Those numbers also include other tech projects, such as a flying car initiative. Uber also warned prospective investors that its adjusted losses would rise in the near term thanks, in part, to those costs.