Toyota has announced the “strategic investment” of an unspecified amount of money in US multinational online transportation network company Uber, while also revealing plans to collaborate on ridesharing.
“The companies have entered into a memorandum of understanding to explore collaboration, starting with trials, in the world of ridesharing in countries where ridesharing is expanding, taking various factors into account such as regulations, business conditions, and customer needs,” the Japanese automaker said in a statement.
As part of the partnership, Toyota said that it would make a “strategic investment” in Uber.
“Through this agreement, Toyota and Uber will accelerate further talks in aiming to establish new services and to offer new value to customers,” the brand said.
“The companies will create new leasing options in which car purchasers can lease their vehicles from Toyota Financial Services and cover their payments through earnings generated as Uber drivers. The leasing period will be flexible and based on driver needs,” the statement continued.
Toyota added that it would also explore collaboration with Uber in a variety of other areas, including the development of in-car apps that support Uber drivers.
Emil Michael, chief business officer at Uber, said the agreement with Toyota made plenty of sense from his company’s point of view.
“We’re excited that Toyota, the largest automobile manufacturer in the world, is making a strategic investment in Uber as part of a broader global partnership.
“Toyota vehicles are among the most popular cars on the Uber platform worldwide and we look forward to collaborating with Toyota in multiple ways going forward, starting with the expansion of our vehicle financing efforts.”
Interestingly, the Volkswagen Group has also announced an investment – of some $300-million – in Gett, which it describes as “one of the fastest growing ride-hailing providers in the mobility-on-demand area”.