Toyota Motor Corp. and Uber Technologies Inc. have reached a partnership agreement under which the Japanese auto maker will make an investment in the car-hailing company and offer its drivers auto leases.

The move is the latest tie-up between auto makers and ride-hailing companies, and Toyota said Tuesday that it highlights the growing role of ride-sharing in "shaping the future of mobility."

Under the agreement, which includes an undisclosed investment through Toyota's partnership with Mitsui Banking Corp., Toyota and Uber plan to create leasing options that would allow consumers to lease vehicles from Toyota Financial Services and cover the payments from their earnings as Uber drivers.

The companies also intend to look into developing in-car apps and setting up a program to sell Toyota and Lexus vehicles to Uber.

Apple Inc. this month disclosed a $1 billion investment in Didi Chuxing Technology Co., China's competitor to Uber, while Volkswagen AG on Tuesday disclosed a $300 million investment in Gett, a Tel Aviv-based startup.

Toyota's shares, down 27% over the past 12 months, ended Tuesday up $1.09 at $100.64.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

May 24, 2016 17:05 ET (21:05 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
Apple (NASDAQ:AAPL)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Apple Charts.
Apple (NASDAQ:AAPL)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Apple Charts.