Toyota to pour $600m in Didi, new mobility services JV

Japanese carmaker Toyota is set to invest US$600 million in Chinese ride-hailing company Didi Chuxing and a new joint venture, which the two companies will form with GAC Toyota Motor Co.

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Didi senior vice president Stephen Zhu (left) and Toyota executive vice president Shigeki Tomoyama / Photo credit: Didi

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The deal is part of an agreement between Didi and Toyota to expand their collaboration efforts in the mobility-as-a-service field in China.

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The new joint venture will seek to provide vehicle-related services for Didi’s driver partners, according to a statement. Didi senior vice president Stephen Zhu said the company looks to combine its “expertise in AI-based, large-scale mobility operations and Toyota’s leading connected vehicle technology” in building their transportation framework.

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The collaboration was hinted at back in May when it was reported that Toyota was looking to invest about US$550 million in Didi. Toyota was also looking to launch a new mobility services company in China.