Toyota plans to make a "strategic investment" in ride-sharing company Uber as part of a larger collaborative partnership. The deal will also see the car manufacturer launching a leasing program through which Uber drivers can cover their lease payments directly through their earnings.
As part of today's 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 notes that the two companies will explore a number of different areas as part of the collaboration, including a fleet program to sell Toyota and Lexus vehicles to Uber drivers, and an effort to develop in-car apps for drivers as well. Financial terms of the deal were not divulged.