Toyota Motor Corp. said it is making a strategic investment in Uber Technologies Inc. as automakers race to align themselves with the fast-growing ride-hailing industry. The companies will also work together on offering auto leases to Uber drivers.
The investment is small, and Toyota has no interest in taking a big position in the ride-sharing company or eventually controlling it, said a person familiar with the situation who asked not to be named. Toyota could easily get out of the investment if the partners decide to go their separate ways, the person said. The carmaker wants to build its expertise about how consumers use ride-sharing services, the person said.
Toyota and Uber, the largest global ride-hailing provider, declined to comment on the size of the investment.
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