Partnerships: Why Toyota and VW are investing in the ride-hailing business ( video)

Toyota and Volkswagen are the latest in a string of auto industry giants to partner with ride-hailing companies, as the future of "mobility services" steers toward less ownership and more self-driving cars. Toyota and Uber announced a partnership Tuesday in which Toyota, valued at 177 billion, will invest an undisclosed amount to collaborate with Uber to develop autonomous cars. Volkswagon has invested 300 million in Gett, a taxi-hailing service that operates in 60 cities in Israel, Russia, the United States, and Britain, allowing the Israeli startup to expand in Europe, The Wall Street Journal reported. Tuesday's announcements are the latest in a series of major investments by the automakers to compete with Apple (whose 500 billion value is as much as seven major automakers combined) and Google, as the everyday commute appears poised to undergo a massive transformation. The focus on autonomous cars comes as Tesla, another tech startup, is attempting revolutionize the electric car and battery technology.