Toyota invests in US car-sharing company

Leading Japanese car-maker Toyota Motor Corp has invested a reported USD 10 million in the U.S. car-sharing company Getaround, Reuters said on Friday.

A popular carsharing service in Germany

A popular carsharing service in Germany

The deal was done through the company’s investment fund, Mirai Creation Investment Limited Partnership set up in 2015 to invest in startups working on Artificial Intelligence, robotics, and hydrogen power.

The car sharing service, founded in San Francisco, US, was launched to the public in 2011 and has been available in San Francisco, Chicago and other US cities since 2013. It offers drivers the opportunity to rent cars from private owners in return for payment.  Owners earn 60 per cent commission on the rental prices they set. The company says it now has around 200,000 members.

According to Reuters, Toyota’s investment comes as automakers “seek to shore up their presence in new technology sectors amid growing competition from transport start-ups”.

Automakers have been scrambling to partner with tech firms to head off competition from self-driving cars and car sharing services that threaten to eventually trim demand for car ownership,” the report said.

Other companies in the automotive sector have shown interest in similar services in recent years.  General Motors Co set up its own car-sharing service, Maven, in January this year. Around the same time, Volkswagen transferred its own service called Quicar, set up in 2011, to Dutch project Greenwheels in which it has a 60 per cent share.  Audi has recently also announced plans to launch a similar service in 2017.

Source: Reuters

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