Ride-hailing

Toyota’s $600m investment in Didi typifies industry tie-ups

Partnerships are growing between automakers and ride-hailing groups looking to solve the car industry's woes. Strategic investment could tide Didi over during a capital raising rut in private markets.

Japan’s Toyota Motor has agreed to invest $600 million in China’s Didi Chuxing as part of a deal to supply cars and share research.

Toyota and Didi will set up a joint venture to provide vehicle-related services for ride-hailing drivers on Didi’s network, they said in a statement on Thursday. The JV will include GAC Toyota Motor, a joint venture between GAC Group and Toyota Motor in China.

“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,” said Stephen Zhu, senior vice president of Didi.

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