Toyota and VW invest in ridesharing companies

Car manufacturers Toyota and Volkswagen have invested in ridesharing companies Uber and Gett (formerly GetTaxi).

Toyota and VW invest in ridesharing companies

Toyota has not disclosed the amount of investment in Uber, but announced plans involving its financial services arm.

As part of the partnership, the companies will create new leasing options in which car purchasers can lease their vehicles from Toyota Financial Services and cover their payments through earnings generated as Uber drivers.

“The leasing period will be flexible and based on driver needs. This initiative builds on Uber’s current Vehicle Solutions program,” Toyota wrote.

German car manufacturer Volkswagen has invested $300m (£206m) in on-demand mobility provider Gett.

“The ride-hailing market represents the greatest market potential in on-demand mobility, while creating the technological platform for developing tomorrow’s mobility business models. The Volkswagen Group’s expressed goal is to generate a substantial share of sales revenue from such new business models by 2025. To this end, the Group is opening for new partnerships and strategic investments,” the company wrote.

Gett is available in more than 60 cities worldwide, including London, Moscow and NYC.