Japan’s leading automaker Toyota Motor is contemplating to invest $550 million in Chinese ride-hailing giant Didi Chuxing. This move is in line with the automaker’s aim to set up a new mobility-services company in China.
The automaker is currently committed to adjusting its business strategy from a global perspective in areas of Connectivity, Autonomous, Sharing and Electrification to meet the future needs of our customers.
According to Toyota spokesman Kensuke Ko, the company would continue to evaluate our business strategy from a global perspective in areas of Connectivity, Autonomous, Sharing and Electrification to meet the future needs of our customers.
There is no further detail about this upcoming deal. But this won’t be the first time that Toyota is investing in ride-hailing services. Previously, it has made large investments in other ride-hailing firms such as Uber and Grab as more and more traditional automakers are competing towards cutting edge technology when it comes to vehicles.