Toyota Motor completed a $400m investment in Pony.ai, a self-driving startup. The latest fundraising values the three-year-old firm, already backed by Sequoia Capital China and Beijing Kunlun Tech, at slightly more than $3bn. The investment by Toyota comes at a time when global carmakers, technology firms, start-ups and investors – including Tesla, Alphabet's Waymo and Uber – are pouring capital into developing self-driving vehicles.