Toyota Partners with Uber for Ridesharing and Leasing

Posted by at 12:03 pm on May 25, 2016

Toyota

Uber has found a partner in Toyota. The ridesharing company has entered into “a memorandum of understanding” with Toyota, and trials will be started in the countries where Uber operates. There will most likely be a few Uber Mirais driving around, as Mirai Creation Investment Limited Partnership, Toyota’s $111 million startup fund named after the hydrogen fuel cell car, is making a strategic investment in Uber, together with Toyota Financial Services Corporation.

According to the statement, the companies will offer new leasing options, which in a nutshell will enable customers to cover their Toyota payments by earning money through Uber. The leasing terms will be tailored to each driver’s needs. Uber currently has a Vehicle Solutions program, and the Toyota lease options will largely follow the same path.

“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,” said Emil Michael, chief business officer of Uber.

“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 in-house mobility and data company Connected, in a statement.

Toyota’s Uber partnership can be compared to other carmakers’ ventures toward ridesharing and car sharing, as BMW has earlier demonstrated with RideNow and Daimler through smart for Car2go.

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