Toyota invests $600 million in Didi for intelligent transport

Toyota Motor Corporation announced on Thursday that it has reached an agreement with China's leading ride hailing platform, Didi Chuxing, to work on taking full advantage of the potential of China's growing intelligent transport services market.

Logos of Toyota Motor Corporation and Didi Chuxing are seen on mobile phone screens. [File Photo:IC]

Toyota will set up a joint venture with Didi and its domestic partner, Guangzhou Automobile Industry Group, and invest up to 600 million U.S. dollars into expanding vehicle management, maintenance, insurance, and financing services for customers.

Toyota also aims to promote sales of its electric vehicles in China's market. The company wants half of all its global vehicle sales to be made up of electric vehicles by 2025.

Didi partnered with Toyota as part of its ongoing efforts to establish an open platform where domestic and international car makers and other transport sector players can offer rides to customers, Didi said on Thursday.