We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Toyota (TM) Collaborates with Uber for Ridesharing Services
Read MoreHide Full Article
Toyota Motor Corporation (TM - Free Report) announced that it is joining forces with Uber. The companies have signed a memorandum of understanding (MOU) under which they will collaborate for ridesharing services. As part of this alliance, Toyota Financial Services Corporation and Mirai Creation Investment Limited Partnership (which is an investment fund backed by Toyota and Japanese bank, Sumitomo Mitsui Banking Corp) will be making an investment in Uber. Toyota expects that this collaboration will help offer secure, convenient and attractive mobility services to customers.
In today’s world of rising vehicle usage, mobility services including ridesharing and car-sharing are gaining momentum. Ridesharing takes into consideration various factors like regulations, business conditions and customer needs.
Under this partnership, Toyota and Uber plan to offer new services and create value for customers. The companies will provide new leasing options wherein customers can lease vehicles from Toyota Financial Services and make the lease payments through earnings generated as Uber drivers. The leasing time period will be flexible and per the driver’s requirements. This concept is based on Uber's current Vehicle Solutions program.
Toyota and Uber will also work together in various other fields. They will develop in-car apps to support Uber drivers and share knowledge. They will also establish a special fleet program for selling Toyota and Lexus vehicles to Uber drivers.
Apart from Toyota, other automakers too are focusing on ride- and car-sharing services. In Jan 2016, General Motors Company (GM - Free Report) entered into a partnership with Uber’s rival, Lyft Inc. General Motors will invest $500 million in Lyft to support the growth of the latter’s ridesharing service.
Daimler AG announced the acquisition of ride-sharing apps, RideScout and mytaxi in 2014. In 2008, Daimler launched Car2Go, a car-sharing service. BMW has its own car-sharing service, DriveNow, in nine European cities. Last year, Ford Motor Co. (F - Free Report) introduced its car-sharing service, GoDrive, in London.
Currently, Toyota carries a Zacks Rank #5 (Strong Sell).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free report >>
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
Toyota (TM) Collaborates with Uber for Ridesharing Services
Toyota Motor Corporation (TM - Free Report) announced that it is joining forces with Uber. The companies have signed a memorandum of understanding (MOU) under which they will collaborate for ridesharing services. As part of this alliance, Toyota Financial Services Corporation and Mirai Creation Investment Limited Partnership (which is an investment fund backed by Toyota and Japanese bank, Sumitomo Mitsui Banking Corp) will be making an investment in Uber. Toyota expects that this collaboration will help offer secure, convenient and attractive mobility services to customers.
In today’s world of rising vehicle usage, mobility services including ridesharing and car-sharing are gaining momentum. Ridesharing takes into consideration various factors like regulations, business conditions and customer needs.
Under this partnership, Toyota and Uber plan to offer new services and create value for customers. The companies will provide new leasing options wherein customers can lease vehicles from Toyota Financial Services and make the lease payments through earnings generated as Uber drivers. The leasing time period will be flexible and per the driver’s requirements. This concept is based on Uber's current Vehicle Solutions program.
Toyota and Uber will also work together in various other fields. They will develop in-car apps to support Uber drivers and share knowledge. They will also establish a special fleet program for selling Toyota and Lexus vehicles to Uber drivers.
Apart from Toyota, other automakers too are focusing on ride- and car-sharing services. In Jan 2016, General Motors Company (GM - Free Report) entered into a partnership with Uber’s rival, Lyft Inc. General Motors will invest $500 million in Lyft to support the growth of the latter’s ridesharing service.
Daimler AG announced the acquisition of ride-sharing apps, RideScout and mytaxi in 2014. In 2008, Daimler launched Car2Go, a car-sharing service. BMW has its own car-sharing service, DriveNow, in nine European cities. Last year, Ford Motor Co. (F - Free Report) introduced its car-sharing service, GoDrive, in London.
Currently, Toyota carries a Zacks Rank #5 (Strong Sell).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free report >>