Governance report reveals Toyota’s £235m stake in ride-hailing firm Uber

Car manufacturers Toyota Motor Corp holds a £235million stake in ride-hailing app Uber Technologies according to the latest Toyota governance report.

In the report released on Wednesday, it shows details of the partnership and investment made in the global ride-hailing company and further plans to expand into new mobility services.

According to the report the Japanese manufacturer, who produce the popular Prius model used by many Uber drivers on the platform, holds 10.25million shares in Uber worth 31.15billion yen (£235million) as of 30 March.

Last month, the ride-hailing and food delivery firm announced a loss of £2.3billion ($2.9billion) for the first quarter of this year as a result of the COVID-19 outbreak.

However, Uber remain “encouraged” by early signs showing the markets beginning to open up after lockdown measures across the globe.

In May, Dara Khosrowshahi, Uber CEO, said in a statement: “While our Rides business has been hit hard by the ongoing pandemic, we have taken quick action to preserve the strength of our balance sheet, focus additional resources on Uber Eats, and prepare us for any recovery scenario.

“Along with the surge in food delivery, we are encouraged by the early signs we are seeing in markets that are beginning to open back up. Our global footprint and highly variable cost structure remain an important advantage, as our expectation is that the Rides recovery will vary by city and country.”

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