Toyota Invests In Uber, Offers Lease Deals To Drivers

SAN FRANCISCO (CBS/AP) — Toyota is investing in Uber, making it the latest car company to put money in a ride-hailing app.

The Japanese company did not say how much the investment is worth.

As part of the deal, Uber drivers can lease Toyota vehicles with money earned from their driving.

Uber is based in San Francisco.

Investing in cab-hailing services can be a way for automakers to sell more cars. Earlier this year, General Motors Co. invested $500 million in Uber rival Lyft.

Toyota is investing in Uber alongside Mirai Creation Investment Limited Partnership, an investment fund backed by Toyota and Japanese bank Sumitomo Mitsui Banking Corp.

© Copyright 2016 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.

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