The two companies signed a memorandum of understanding (MOU) to explore the possibility of a full collaboration starting with trials, including the creation of new leasing options for Uber drivers.
Under this agreement, Toyota and Uber will accelerate further talks in establishing new services for customers of the popular ridesharing service.
The first step is the creation of new leasing options in which Uber drivers will be able to lease their cars from Toyota Financial Services and cover their payments directly via their generated earnings, with the leasing period being flexible and tailored to the driver’s needs.
“Ridesharing has huge potential in terms of shaping the future of mobility,” said Shigeki Tomoyama, senior managing officer of Toyota Motor Corporation. “Through this collaboration with Uber, we would like to explore new ways of delivering secure, convenient and attractive mobility services to customers.”
“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,” said Emil Michael, Chief Business Officer of Uber. “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.”
One of the areas the two companies will also explore is the development of in-car apps that will support Uber drivers as well as establishing a special fleet program to sell Toyota and Lexus models to Uber.