Uber and Toyota join forces so that drivers can lease vehicles

New lease options would be available for the second half of the year, estimated the automaker.

The auto giant Toyota said it is making a strategic investment in Uber and will offer auto leases to drivers that are working to provide private chauffeur service.

In order to rent Toyota vehicles, Uber is expanding its existing program. In turn, the companies will collaborate on the development and expansion of the service in emerging markets.

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Toyota

Strategic investment – the amount of which has not been revealed- will be made through the Toyota Financial Services Corporation and Mirai Creation Investment Limited Partnership, a fund in which the Japanese auto firm participates as an investor.

Toyota and Uber expect to begin offering new leasing options for the second half of this year, said Keisuke Kirimoto, a spokesman for Toyota.

“We realize that this collaboration has potential, but we want to start a pilot project,” Kirimoto said.

“We want to explore and then see what will be possible.”

Automakers have been developing partnerships with various global private transport services by request, seeking partners that can help sell more vehicles.

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