Toyota considers investing $550 million in Didi Chuxing

Toyota Motor Corp is considering investing about 60 billion yen ($550 million) in Chinese ride-hailing giant Didi Chuxing, the Nikkei business daily reported on Wednesday.

Japan’s top automaker was also looking to set up a new mobility-services company in China, the Nikkei said.

Toyota

“We continue to evaluate our business strategy from a global perspective in areas of Connectivity, Autonomous, Sharing and Electrification to meet the future needs of our customers,” Toyota spokesman Kensuke Ko said, reports Reuters.

“However, we have nothing to announce at this time.”

Toyota has made large investments in other ride-hailing firms such as Uber and Grab as traditional automakers race to team up with disruptive tech companies.

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