Japanese automaker Toyota Motor has agreed to invest a total of $600 million in Chinese ride-hailing giant Didi Chuxing and the two companies’ joint venture with GAC Toyota, Didi said in a statement Thursday.
The strategic partnership with Toyota is part of Didi’s effort to make sure it can provide its drivers with enough cars as well as vehicle-related services. Didi said its joint venture with Toyota will provide car maintenance and other services for ride-hailing drivers.
Didi has been building alliances with automakers as it seeks to broaden its services beyond ride-hailing. In January, Didi said it would launch a car development joint venture with a unit of Chinese state-owned automaker BAIC.