The companies announced Tuesday that they have entered a "memorandum of understanding" to start exploring how they could work together. That begins today with new leasing options from Toyota so Uber drivers can cover their payments with their earnings.
Toyota Financial Services Corporation and Mirai Creation Investment Limited Partnership will be making a strategic investment in Uber, although the amount was not disclosed.
"We're excited that Toyota, the largest automobile manufacturer in the world, is making a strategic investment in Uber as part of a broader global partnership. Toyota vehicles are among the most popular cars on the Uber platform worldwide and we look forward to collaborating with Toyota in multiple ways going forward, starting with the expansion of our vehicle financing efforts," said Emil Michael, chief business officer of Uber, in the press release.
It's not the first time a traditional automaker has come knocking on a ride-hailing company's door. The Uber-Toyota collaboration comes on the heels of Volkswagen announcing a $300 million investment in Uber competitor Gett on Tuesday.
Uber's other rival, Lyft, may be a better example though of a direction Uber could take in a newly-minted collaboration. Lyft previously received half a billion from General Motors. Lyft and GM have since teamed up on projects like providing rental cars to people who want to drive for Lyft.
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