Toyota to invest USD 600 million in Didi Chuxing and their Japanese JV

Investors come and go.

Photo: provided to company with the press release

Didi Chuxing, China’s largest ride-hailing platform, revealed in a press release on Thursday an agreement with Japanese automaker Toyota to expand collaboration in Mobility as a Service (MaaS) in China.

As part of the deal, Toyota Motor Corporation will invest a total of USD 600 million in Didi and a joint venture the two companies will later form, along with GAC Toyota Motor to provide vehicle-related services for ride-hailing drivers on Didi’s network.

China’s dominant ride-hailing company recently announced the opening of its ride-hailing platform to third-party service providers, after reaching an agreement with Chinese automobile manufacturers GAC, Dongfeng and FAW.

Didi did not reveal other financial details about the agreement.

Wall Street Journal reported last week Didi’s plans to raise up to USD 2 billion in a new financing round, which might value this Chinese unicorn at USD 62 billion.

National Business Daily published last Wednesday that 137,000 shares of Didi are seeking buyers via an equity transfer bourse in Shanghai, without disclosing the proportion of the shares and the selling price.