Toyota Motor Corp and Uber announced on Tuesday that they will be partnering to explore opportunities in ridesharing services. As part of the venture, Toyota will invest in Uber through its Toyota Financial Services Corporation and Mirai Creation Investment Limited Partnership.
In a joint statement, the two companies indicated that the partnership will provide drivers with an option to lease vehicles from Toyota Financial Services and make payments for the vehicles from their Uber earnings.
The partnership follows a $500 million investment by General Motors in Uber-rival Lyft and and $1 billion commitment from Apple to help fund Chinese ride-hailing service Didi Chuxing.
Earlier in the day, Volkswagen announced that it was investing $300 million in Israeli ride-sharing startup Gett.