Toyota and Uber Join Forces

Japanese Automaker, Toyota announced on tuesday that it will partnering with Uber to offer new leasing options in which Uber drivers can lease vehicles with flexible terms from Toyota Financial Services and cover their payments through their Uber earnings, the companies said in a joint statement.

"Through this collaboration with Uber, we would like to explore new ways of delivering secure, convenient and attractive mobility services to customers," said Shigeki Tomoyama, senior managing officer of Toyota Motor Corporation and president of the in-house mobility and data company Connected, said in a statement.

The companies said they would be "sharing knowledge and accelerating their respective research efforts." Both Toyota and Uber are researching self-driving cars and other technology that connects travelers to different modes of transportation.

Basically, traditional automakers are racing to ally with ride-sharing partners to avoid becoming bystanders if a significant number of consumers around the world choose to forego vehicle ownership and buy transportation by the mile or the minute.