Toyota will invest $600m in Didi Chuxing, the Chinese ride-hailing company and set up a mobility service joint venture as Japan’s largest carmaker seeks to deepen its ties with technology companies.
The deal with Didi is the latest in a number of investments Toyota has made in ride-hailing and car-sharing groups, including a $500m investment in Uber and a $1bn injection into south-east Asia’s Grab.
Toyota’s investment is a boost for the Chinese company, which has been rocked by a consumer and regulatory backlash following the murder last year of two female passengers using its Hitch carpooling service.
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