Toyota to invest $600m in DiDi

Tokyo: Toyota Motor has agreed to invest $600 million in the Chinese ride-hailing app Didi Chuxing (DiDi) as well as developing a joint venture with it to expand their collabouration, the two companies said on Thursday. Toyota said in a statement that the two companies would establish the joint venture with the Japanese carmaker’s local partnership with Guangzhou Automobile Group for vehicle-related services for ride-hailing drivers. The new agreement will lead Toyota and DiDi to shift to full-scale implementation of services that they have been developing in China, the Japanese carmaker said. — dpa