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Toyota makes a strategic investment in Uber

The companies intend to partner on a new leasing program that supplies Toyota cars to Uber drivers (Uber already has a similar program in place with partner Enterprise Rent-a-Car, as well as its own rental arm). Though the amount of the investment was not disclosed, the Wall Street Journal reported that Toyota’s investment is less than $100 million.

Toyota is the lastest car manufacturer to align itself with ride-hailing, which some say could make buying a car less appealing. On Tuesday, Volkswagen announced a $300 investment in Uber competitor Gett, and GM, which partners with Lyft on a rental program for drivers, has invested $500 million in that ride-hailing company. Ford, meanwhile, has plans to make its own ride-hailing service.SK