Toyota, Uber latest to join army in ride-sharing rush

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San Francisco Toyota Motor Corp (7203.T) and Uber pronounced on Tuesday they would partner to try ridesharing, including an investment by a Japanese automaker in a on-demand float company, a latest in a call of high-profile partnerships between carmakers and ride-sharing services.

Toyota and Uber will emanate new leasing options in that automobile purchasers can franchise their vehicles from Toyota Financial Services and cover their payments by gain generated as Uber drivers, a companies pronounced in a corner statement.

Traditional automakers are racing to find ride-sharing partners as a response to a rush of record companies such as Apple (AAPL.O), Alphabet’s Google (GOOGL.O) and private companies such as Uber that are reshaping a tellurian automobile industry.

Earlier on Tuesday, German automaker Volkswagen (VOWG_p.DE) announced a $300 million investment in Gett, a smaller ride-sharing company.

The Toyota-Uber partnership comes some-more than 4 months after General Motors’ $500 million investment in Lyft, Uber’s categorical U.S. rival, to rise an on-demand network of self-driving cars.

More recently, Apple pronounced it would deposit $1 billion in Chinese ride-hailing use Didi Chuxing, seen as a domestic pierce by a record hulk to concrete a participation in a essential Chinese market.

At a same time, Ford Motor Co (F.N) is looking during partnerships to enhance over production and offered cars, with Chairman Bill Ford observant on Monday that “you’ll hear some-more from us” as a year progresses.

Toyota is creation a vital investment by a section Toyota Financial Services Corporation and Mirai Creation Investment Limited Partnership. (toyota.us/1Ro2Upc)

(Reporting by Alexandria Sage in San Francisco and Radhika Rukmangadhan in Bengaluru; Editing by Sriraj Kalluvila and Alan Crosby)

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