Toyota plans to invest $600m in Didi Chuxing

Didi Chuxing announced on Thursday that Japanese carmaker Toyota Motor Corp will invest $600 million in it, a move which is expected to fund the loss-making Chinese ride-hailing company's further expansion in the transportation sector.

Under the partnership, the two sides will establish a joint venture to provide vehicle-related services, including car rental and maintenance, for ride-hailing drivers on Didi's platform. The move came as Didi strives to ensure an adequate supply of cars and drivers to improve its services.

Stephen Zhu, senior vice-president of Didi, said: "We look forward to combining Didi's expertise in artificial intelligence-based large-scale mobility operations and Toyota's leading connected vehicle technology to build a next-generation intelligent transportation framework for sustainable cities."