Toyota to set up joint venture with Chinese ride-hailing giant Didi Chuxing, investing ¥64.8 billion

NAGOYA - Toyota Motor Corp. said Thursday it will set up a joint venture with Chinese ride-hailing giant Didi Chuxing Technology Co. and invest a total of ¥64.8 billion ($600 million) in Didi and the new venture, as part of efforts to expand its business in China. The venture, to be set up as early as this fall, will offer ride-hailing drivers a range of services that include vehicle maintenance, insurance and financing. GAC Toyota Motor Co., a venture established by Toyota and China's Guangzhou Automobile Group Co., will also join the project, through which Toyota aims to promote the use of electric vehicles suitable for future mobility services in China -- the world's biggest auto market. Toyota and Didi have already cooperated on leasing vehicles to ride-hailing drivers since last year, as well as in the e-Palette project to develop electric and autonomous vehicles that can be used as mobile stores. Inc. have joined the project.