Toyota, Volkswagen back ride-sharing companies

Gett Chief Executive Shahar Waiser

Toyota and Volkswagen see the potential of ride-sharing companies join the list of investors. Toyota is backing Uber for an undisclosed amount. What they plan to do is explore trials in countries where the ride-sharing industry is growing. Meanwhile, the Volkswagen Group is getting behind Gett, a popular ride-hailing app in Europe. The automaker has invested US$300 million into the startup.

They aren’t the first ones to do this, though. General Motors, for example, has invested half a billion dollars into Lyft to help in the development of autonomous vehicles. BMW and Mercedes-Benz have also began pilot ride-sharing services, among others.

Source: The New York Times