(Bloomberg) -- Toyota Motor Corp. said it is making a strategic investment in Uber Technologies Inc. and will offer auto leases to the ride-hailing company’s drivers.
Uber declined to disclose the size of the investment. Toyota wasn’t immediately available for comment. By leasing Toyota cars, Uber will expand its existing program, which also includes Enterprise Holdings Inc.
Automakers have been developing alliances with the various global ride-hailing services, seeking partners that can help sell more cars. Gett Inc., an Uber rival in Tel Aviv, said on Tuesday that it raised $300 million from Germany’s Volkswagen AG. Daimler AG acquired a pair of ride-hailing startups in 2014.
In January, General Motors Co. invested $500 million into Lyft Inc., the second-largest U.S. ride-hailing service. GM leases vehicles to Lyft drivers in Chicago, and the companies plan to expand the program. Didi Chuxing, the Chinese car-booking giant, received a $1 billion investment from Apple Inc. this month.
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