SAN FRANCISCO (CBS/AP) — Toyota is investing in Uber, making it the latest car company to put money in a ride-hailing app.
Uber is based in San Francisco.
Investing in cab-hailing services can be a way for automakers to sell more cars. Earlier this year, General Motors Co. invested $500 million in Uber rival Lyft.
Toyota is investing in Uber alongside Mirai Creation Investment Limited Partnership, an investment fund backed by Toyota and Japanese bank Sumitomo Mitsui Banking Corp.