BUSINESS Toyota to set up joint venture with Chinese ride-hailing Didi

BUSINESS

Toyota to set up joint venture with Chinese ride-hailing Didi

Xinhua

23:04, July 25, 2019

TOKYO, July 25 (Xinhua) -- Toyota Motor Corp. said on Thursday that it will join forces with with Chinese ride-hailing giant Didi Chuxing Technology Co. by investing 600 million U.S. dollars in Didi as part of efforts to expand services in China.

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File photo: VCG

The joint venture will also be joined by GAC Toyota Motor Co. Ltd, a venture already established between Toyota and China's Guangzhou Automobile Group Co. and will be set up as early as this fall.

The new venture will see a range of services rolled out for ride-hailing drivers and will span financing and insurance, as well as vehicles maintenance.

The project will see Toyota promote the use of electric vehicles (EVs) in China, the world's largest auto market.

"We look forward to combining Didi's expertise in AI-based large-scale mobility operations and Toyota's leading connected vehicle technology to build a next-generation intelligent transportation framework for sustainable cities," Zhu Jingshi, Didi's senior vice president, said in a statement. 

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