Toyota Uber builds new rental business and joins car sharing service

Geely Automobile News According to Reuters, Toyota and Uber announced on May 24 that they may cooperate in car sharing services and the former will invest in car rental. The above cooperation is the latest cooperation between car companies and car sharing companies.

In a joint statement, both parties stated that they will build a new type of leasing business. Car buyers can rent vehicles from Toyota Financial Services and use Uber drivers as their income. This income can be used as a rental fee.

Toyota has strategically invested in Uber through its subsidiary Toyota Financial Services and the investment fund Mirai Creation Investment Limited Partnership.

As Apple, Google and Uber are reshaping the structure of the global automotive industry, traditional car manufacturers are trying to find a car sharing partner to get involved in this area.

Earlier on May 24, Volkswagen announced that it had invested 300 million U.S. dollars in the car-sharing company Gett. More than four months before Toyota Uber announced its cooperation, GM has invested $500 million in Lyft to develop an on-demand automated driving network.

In recent days, Apple has invested a billion U.S. dollars in trips, which is considered a major move by technology giants to seize market share in China. At the same time, Ford is seeking partners to develop business beyond auto manufacturing and sales. Chairman Bill Ford said on May 23 that he "will hear more news from us this year."