Miguel Cordon · · 1 min readToyota to pour $600m in Didi, new mobility services JV
Japanese carmaker Toyota is set to invest US$600 million in Chinese ride-hailing company Didi Chuxing and a new joint venture, which the two companies will form with GAC Toyota Motor Co.
Didi senior vice president Stephen Zhu (left) and Toyota executive vice president Shigeki Tomoyama / Photo credit: Didi
The deal is part of an agreement between Didi and Toyota to expand their collaboration efforts in the mobility-as-a-service field in China.
The new joint venture will seek to provide vehicle-related services for Didi’s driver partners, according to a statement. Didi senior vice president Stephen Zhu said the company looks to combine its “expertise in AI-based, large-scale mobility operations and Toyota’s leading connected vehicle technology” in building their transportation framework.
The collaboration was hinted at back in May when it was reported that Toyota was looking to invest about US$550 million in Didi. Toyota was also looking to launch a new mobility services company in China.
Editing by Charmaine de Lazo
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