Toyota makes investment in Uber

Japanese automotive juggernaut Toyota has backing ride-sharing market leader Uber as the race to get behind such companies grows. The company has not said how much funding it has provided to Uber, but it is thought to be a significant amount on the lines of General Motors’ $500 million investment in Uber rival Lyft.

The deal allows Uber drivers to take out leasehold ownership on Toyota cars and earn money from them by working for the company.

Uber drivers must user their own vehicles to operate for the company, but with manufacturers offering specific lease programs, becoming an Uber driver will be easier. This will undoubtedly worry taxi industry companies in Canada.

The taxi industry has been fighting to ban Uber, but the more major corporation backing the company gets, the more likely it is to be regulated and legal in Canada. Car companies are also playing a long game, with Uber thought to be interested heavily in the rise of autonomous vehicles. The sharing market is predicted to be a major part of driverless tech success in the future, so car manufacturers are making moves early to be involved.

Toyota is investing in San Francisco-based Uber with Mirai Creation Investment Limited Partnership, an investment fund backed by Toyota and Japanese bank Sumitomo Mitsui Banking Corp.

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