Toyota Invests In Uber on Ridesharing Initiatives

Toyota Motor Corporation and Uber have entered into a memorandum of understanding (MOU) to explore collaboration options, Toyota announced yesterday.

As part of the partnership, 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. This initiative builds on Uber’s current Vehicle Solutions program.

Toyota and Uber also will explore collaboration in a variety of other areas, such as developing in-car apps that support Uber drivers, sharing knowledge and accelerating their respective research efforts, and establishing a special fleet program to sell Toyota and Lexus vehicles to Uber drivers.

“Ridesharing has huge potential in terms of shaping the future of mobility. Through this collaboration with Uber, we would like to explore new ways of delivering secure, convenient and attractive mobility services to customers,” said Shigeki Tomoyama, senior managing officer of Toyota Motor Corporation and president of the Connected Company, one of Toyota Motor Corporation’s recently created in-house companies.