Toyota Announces Joint Venture With Uber Ride Sharing Service

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Uber and a newly created unit named Connected Company are establishing a joint venture to sell or lease Toyota and Lexus automobiles to drivers for the popular transportation medium, Toyota Motor Corporation announced in a press release.

WASHINGTON (Sputnik) — Connected, a subsidiary of Toyota, is headed by the car company’s Senior Managing Officer Shigeki Tomoyama, the release explained.

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"As part of today’s partnership, the companies will create new leasing options in which car purchasers can lease their vehicles from Toyota Financial Services and cover their payments through earnings generated as Uber drivers," the release said on Tuesday.

The Toyota subsidiary and Uber also will also develop improved applications that support Uber drivers and also establish a fleet program to sell Toyota and Lexus vehicles directly to Uber, the release noted.

Uber had provided more than 1 billion rides globally by the end of 2015, but the company is constantly searching for new business opportunities amid increasing competition for drivers and passengers from new ride-sharing services.

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