Softbank and an automaker are in 'late stage talks' to pump $1 billion into Uber's self-driving car group ahead of the big IPO

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Uber CEO Dara Khosrowshahi.

Uber is in "late stage talks" with SoftBank and others about a $1 billion investment into its self-driving car unit, the Wall Street Journal reported on Wednesday. This would shore up one of Uber's costliest business ahead of its IPO, which is expected to happen this summer.

The deal would value Uber's Advanced Technologies Group at $5 billion to $10 billion, according to the report. In addition to SoftBank, a major automaker is also among the consortium discussing the investment with Uber.

Uber's Advanced Technolgoies Group is leading the ride-hailing company's efforts to develop its own self-driving technology, putting it in competition with Google spin-off Waymo and General Motors' Cruise.