Toyota Motor Corp., which is relocating its North American headquarters to Plano, has entered a partnership that will give Uber drivers a new way to pay for their cars and explore future collaboration opportunities.
The two have entered into a memorandum of understanding for the partnership.
Together, the two plan to create a leasing option that will allow Uber drivers to lease their vehicles from Toyota Financial Services and cover their payments through the money they make through ridesharing service, the company announced Tuesday. The leasing period will be flexible and based on driver needs, Toyota announced.
Toyota and Uber also plan to explore collaboration that could result in things like an in-car app that supports Uber drivers, sharing knowledge to accelerate research efforts, and establishing a program to sell Toyota and Lexus vehicles to Uber drivers.
“Toyotas are among the most popular cars on the Uber platform worldwide,” said Emil, Michael, chief business officer of Uber.
The partnership also comes with extra investment money for Uber. Toyota Services Corp. and Mirai Creation Investment Limited Partnership, Toyota’s $111 million fund for automotive tech startups, are making strategic investments in the San Francisco-based company.
Toyota is based in Toyota City, Japan. It’s currently working on bringing thousands of jobs from its former headquarters in Torrance, California. Plano also serves as home base for Toyota’s latest company, Toyota Connected Inc., which is focusing on connected car technologies.