Toyota and Uber enter into a ride-sharing partnership image

The world’s biggest automaker has announced its intention to explore ride-sharing services by signing an agreement with Uber.

Ride-sharing partnerships are expanding more than ever throughout the automotive world, as carmakers are becoming increasingly interested in offering such services. As part of the newly announced partnership into this direction, Toyota and Uber said in a joint statement they would create new leasing options in which car buyers can lease their vehicles from Toyota Financial Services and cover their payments through earnings generated as Uber drivers. The Japanese automaker is making this investment through its Financial Services unit and Mirai Creation Investment Limited Partnership.

“Ridesharing has huge potential in terms of shaping the future of mobility. Through this collaboration with Uber, we would like to explore new ways of delivering secure, convenient and attractive mobility services to customers,” Shigeki Tomoyama, senior managing officer of Toyota Motor Corporation and president of the Connected Company, said.

Toyota and Uber will explore collaboration in other areas as well, such as developing in-car apps that support Uber drivers, who are going to benefit from a special fleet program to be able to buy Toyota and Lexus models. Toyota is thus joining this trend alongside other global makers such as General Motors, which made a 500-million-dollar investment in Lyft, for them to counteract similar moves from technology companies such as Apple or Google.