Skip to main content

Toyota invests $600 million in Didi, with the two setting up a new joint venture for driver services

Didi Chuxing announced today that it has received new investment totaling $600 million from Toyota Motor Corporation. As part of the deal, the two companies will also set up a joint venture with GAC Toyota Motor to provide vehicle-related services to drivers on Didi’s ride-sharing platform. GAC Toyota itself is a joint venture between Toyota and GAC Group, one of China’s largest automakers.

Nikkei Asian Review first broke news of the deal at the end of May, reporting that Toyota was considering a $550 million investment in Didi and setting up a new mobility-services company in China.

Didi and Toyota announced last year 2018 that it would work together on services that use technology developed by Toyota for its mobility and vehicle-sharing platform, which includes autonomous driving software, a fully electric battery and the “e-Palette,” or modules that can be used to build autonomous vehicles of different sizes, ranging from small ones for deliveries to passenger buses.

Toyota has also backed other vehicle-sharing companies, including Uber and JapanTaxi.

DiDi’s partnership with Toyota is one of several partnerships it has made with car manufacturers and other vehicle-related companies as part of its D-Alliance, including Toyota, Volkswagen, Renault-Nissan-Mitsubishi, as well as major Chinese automakers like FAW, Dongfeng and GAC, with the intention of expanding its reach beyond its ride-hailing services by creating a platform that uses new energy, AI-based and mobility technology.

Didi recently announced that it will open its ride-hailing platform to third-party service providers as part of agreements with FAW, Dongfeng and GAC, three of China’s largest auto makers.



from Startups – TechCrunch https://ift.tt/2JQPycp
Labels:

Comments

Post a Comment

Popular posts from this blog

Axeleo Capital raises $51 million fund

Axeleo Capital has raised a $51 million fund (€45 million). Axeleo first started with an accelerator focused on enterprise startups. The firm is now all grown up with an acceleration program and a full-fledged VC fund. The accelerator is now called Axeleo Scale , while the fund is called Axeleo Capital . And it’s important to mention both parts of the business as they work hand in hand. Axeleo picks up around 10 startups per year and help them reach the Series A stage. If they’re doing well over the 12 to 18 months of the program, Axeleo funds those startups using its VC fund. Limited partners behind the company’s first fund include Bpifrance through the French Tech Accélération program, the Auvergne-Rhône-Alpes region, Vinci Energies, Crédit Agricole, BNP Paribas, Caisse d’Épargne Rhône-Alpes as well as various business angels and family offices. The firm is also partnering with Hi Inov, the holding company of the Dentressangle family. Axeleo will take care of the early stage in...
Post a Comment
Read more

TikTok’s rivals in India struggle to cash in on its ban

For years, India has served as the largest open battleground for Silicon Valley and Chinese firms searching for their next billion users. With more than 400 million WhatsApp users , India is already the largest market for the Facebook-owned service. The social juggernaut’s big blue app also reaches more than 300 million users in the country. Google is estimated to reach just as many users in India, with YouTube closely rivaling WhatsApp for the most popular smartphone app in the country. Several major giants from China, like Alibaba and Tencent (which a decade ago shut doors for most foreign firms), also count India as their largest overseas market. At its peak, Alibaba’s UC Web gave Google’s Chrome a run for its money. And then there is TikTok, which also identified India as its biggest market outside of China . Though the aggressive arrival of foreign firms in India helped accelerate the growth of the local ecosystem, their capital and expertise also created a level of competit...
Post a Comment
Read more