Toyota will invest in
Uber and collaborate with the ride-hailing service on a
vehicle-leasing program and other ride-sharing initiatives.
Toyota plans
to offer a leasing program in which Uber drivers can have flexible terms and make lease payments via Uber earnings. Toyota will also work
with Uber on developing in-car apps and will form a fleet program that
will focus on selling Toyota and Lexus vehicles to
Uber drivers.
The partnership marks the
continued convergence of ride-hailing services with
traditional vehicle sellers and renters. Earlier this year, Lyft said it
received a $1 billion equity-funding round, including $500 million from General
Motors, and added that Lyft and GM would develop an “autonomous on-demand
network” of self-driving vehicles for hire.
Enterprise Holdings and Uber reached an agreement late last year to hatch a
pilot program in which Uber's Denver drivers could rent Enterprise cars at a discounted rate and have rental fees deducted from
their Uber earnings.