Toyota Entering Strategic Investment Deal with Uber
More and more car makers have been showing interest in the ride sharing companies like Uber and Lyft and the latest news comes from Toyota Motor Corp which has entered into a strategic investment partnership with Uber.
In a statement Uber Technologies said, "Toyota is a global leader in the automotive industry and Toyota vehicles are among the most popular cars on the Uber platform worldwide. We are proud to partner with Toyota in a variety of ways, including the expansion of our vehicle financing program."
According to Toyota Motor Corp, the investment in Uber Technologies Inc. is more of a strategic alliance that is focused on increasing the number of drivers in providing services. It will be done by offering leasing and rental options for cars.
The companies through their new strategic alliance hope to support larger number of drivers to sign up with Uber and use the fares they collect from ride-hailing to support them pay for the leases they can avail through the new leasing program operated by the lending unit of Toyota.
It will simply help in expanding the finance program for drivers for Uber including Uber Xchange. Though not spoken about, but it will also help in Uber's endeavors into self-driving vehicles in the future.