Toyota Invests $69 Million USD in Potential Uber Rival

What does this mean for the taxi service?

By //Automotive

Japanese automotive firm Toyota has announced plans to invest ¥7.5 billion JPY (approx. $69 million USD) in JapanTaxi, a company that is seen by some as a potential rival to Uber. The move comes around a month after Toyota partnered with Uber to develop a self driving store which is slated to launch in time for the Tokyo Olympics in 2020.

The partnership between Toyota and JapanTaxi is set to go towards improving the taxi company’s service, with Toyota revealing that it hoped they would work together on “areas such as connected terminals for taxis, the joint development of vehicle-dispatch support systems, and big data collection.”

As it stands, JapanTaxi — which is owned by the same person who runs Japan’s largest taxi operator and heads the taxi federation — has reportedly been downloaded four million times and possesses around 60,000 taxis, a quarter of all in Japan, on its platform. In contrast, Uber is believed to account for less than one percent of Tokyo’s taxis.

While this move is beneficial to JapanTaxi, the investment is tiny compared to the $9.3 billion USD deal that Uber has recently signed with SoftBank.

Read Full Article
Source
techcrunch
ToyotaUberJapanTaxi

You may also like

Google Invests $550 Million USD in JD.com's Battle to Rival Amazon
Tech

Google Invests $550 Million USD in JD.com's Battle to Rival Amazon

The Californian company expands its Chinese operations.
2,436 Hypes 6 Comments
Toyota Invests $2.8 Billion USD to Develop Self-Driving Cars
Automotive

Toyota Invests $2.8 Billion USD to Develop Self-Driving Cars

The company looks to develop commercially viable autonomous vehicles.
1,653 Hypes 6 Comments
LVMH Invests $60 Million USD into Fashion Platform Lyst
Fashion

LVMH Invests $60 Million USD into Fashion Platform Lyst

During the companies latest round of funding.
5,858 Hypes 7 Comments
Warren Buffett Offered to Invest $3 Billion USD in Uber
Tech

Warren Buffett Offered to Invest $3 Billion USD in Uber

But the deal fell through.
1,655 Hypes 1 Comments
Uber's Panic Button Launches in the U.S.
Tech

Uber's Panic Button Launches in the U.S.

Call 911 and share location with dispatchers.
2,824 Hypes 3 Comments


What to Read Next

The Samsung Galaxy S9 Will Keep Its Headphone Jack
Tech

The Samsung Galaxy S9 Will Keep Its Headphone Jack

Will it drag people away from Apple?

AMBUSH® & NEIGHBORHOOD to Show During Amazon's Tokyo Fashion Week
Fashion

AMBUSH® & NEIGHBORHOOD to Show During Amazon's Tokyo Fashion Week

NEIGHBORHOOD’s first ever runway presentation.

You Can Now Watch Live News on Apple TV App
Tech

You Can Now Watch Live News on Apple TV App

Part of the company’s continued expansion plans for the app.


House K Provides a Lively Antidote to the Serene Japanese Surroundings
Design

House K Provides a Lively Antidote to the Serene Japanese Surroundings

Located in the Maebashi suburbs.

Mazda Reveals Updated MX-5 RF
Automotive

Mazda Reveals Updated MX-5 RF

Coming with a range of smart functions.

SHOOP Focuses on Fake News for Fall/Winter 2018
Fashion

SHOOP Focuses on Fake News for Fall/Winter 2018

The latest from the Madrid and Tokyo-based label.

More ▾