Uber Gains A Major Ally With Toyota Partnership

Toyota is the latest automaker to get behind a ride-hailing service.
SMS
Uber Gains A Major Ally With Toyota Partnership

Toyota just made a major investment in Uber, joining the group of big-name automakers entering into the ride-sharing market.

Toyota announced the partnership Tuesday. The automaker will allow Uber drivers to lease Toyota vehicles with a "flexible" leasing period, and drivers can use their earnings from Uber to cover payments.

The partnership gives Toyota a foothold in the growing ride-sharing industry, and Uber gets a major ally against competitors. The startup is already the largest ride-sharing company out there right now.

But Lyft recently received a $500 million investment from General Motors, and shortly before Toyota's announcement, Volkswagen revealed that it invested $300 million in Gett, a Tel Aviv-based ride-hailing company.

And Didi, a Chinese ride-sharing service, gained a powerful ally with a $1 billion investment from Apple.

Toyota's investment could be significantly smaller than any of those. The Wall Street Journal cites a source who says it is less than $100 million.

This video includes clips from ToyotaUberLyft and Gett, and images from Getty Images. Music provided courtesy of APM Music.

Featured Stories
Vice President Pence rakes leaves

Vice President Pence Joins Cleanup At Vandalized Jewish Cemetery

DREAMers at a news conference.

DREAMers Worry They're President Trump's Next Deportation Target

Students walk into a school.

Trump Administration Withdraws Guidance Regarding Transgender Students

Want to see more stories like this?
Like Newsy on Facebook for More Startups Coverage