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

Toyota Motor Corp. said it will join forces with Chinese ride-hailing giant, Didi Chuxing Technology Co., by investing $600 million in Didi.
The company said this on Thursday as part of its efforts to expand services in China.
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 large-scale mobility operations and Toyota’s leading connected vehicle technology to build a next-generation.
“We will also build an intelligent transportation framework for sustainable cities,’’ Zhu Jingshi, Didi’s Senior Vice-President, said in a statement.