Toyota Motor Corp, Uber to explore ridesharing partnership after strategic investment

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A steering wheel is seen on a Toyota Land Cruiser Prado SUV displayed at the company's head office in Tokyo, Japan.

Toyota Motor Corp and Uber said on Tuesday they would partner to explore ridesharing, including an investment by the Japanese automaker in the on-demand ride company, the latest in a wave of high-profile partnerships between carmakers and ride-sharing services.

Toyota and Uber 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 companies said in a joint statement.

Traditional automakers are racing to find ride-sharing partners as a response to the rush of technology companies such as Apple, Alphabet’s Google and private companies such as Uber that are reshaping the global auto industry.

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