Toyota launches car rental business in China

Spreading smartphone payments drive market growth

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Toyota's new car rental service on Hainan Island, in southern China, will offer popular models such as the RAV4. The crossover SUV will rent for 500-600 yuan per day. © AP

MAYUMI HIROSAWA, Nikkei staff writer

NAGOYA, Japan -- Toyota Motor has launched a car rental business for tourists in China as the local market grows due to wider use of mobile payment services.

Toyota Financial Services, a Nagoya-based subsidiary of the Japanese automaker, and Toyota's Chinese arm have set up a new company to run the business, together with local dealers.

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