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Toyota to invest $600 million in China, A new joint venture,

FILE PHOTO: A Toyota logo is shown at the 89th Geneva international motor show in Geneva, Switzerland, March 5, 2019 at the latest. REUTERS/Denis Balibouse/File Photo

BEIJING (Reuters) – Toyota Motor Corp said on Thursday it will invest $600 million in a Chinese-rides-from giant, A Chuxing, and is a joint venture company to expand co-operation with the companies located in China.

The move accelerates a trend in China has seen automakers to launch their own ride-hailing services, and ride-coming companies, including A team-up with car manufacturers to develop purpose-built vehicles for the services they provide.

The Japanese car maker said the joint venture would have been for Toyota’s Chinese co-operation with the Guangzhou Automobile Group Co Ltd (GAC), which would see the companies combine it services and technologies.

The co-operation of used Toyota’s technology and the next generation of battery-electric vehicles, Toyota Executive Vice President Shigeki Tomoyama said.

Toyota, which has said that it is one half of the world-wide sales of electric cars by 2025, and has tapped the Chinese battery makers, including those of Contemporary Amperex Technology Ltd (CATL), and BYD Co. Ltd. for the support of the shift towards electricity-powered cars.

She also has ventures with Volkswagen VOWG_p.DE and BAIC in the new energy of the of the vehicle.

Sources told Reuters in June that She was in talks with Nissan Motor Co. and its China partner, Dongfeng Group to form a different fleet-management venture.

The Toyota and She will have worked with them before on a different vehicle projects, and services related to A driver.

Reporting Yilei Sun, and Brenda Goh in Shanghai; Editing by Kim Coghill and Stephen Coates

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