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Business deals

Toyota pumps $68m into Japanese taxi-hailing app

JapanTaxi faces competition from the likes of Uber and Didi Chuxing

Japan has proved a tough market for ride-hailing apps like Uber as taxi companies dominate.

TOKYO -- Toyota Motor will invest 7.5 billion yen ($68.8 million) in the company behind a taxi-hailing app here under a deal announced Thursday.

The automaker will acquire newly issued shares in JapanTaxi through a private placement this month and collaborate with the Tokyo company in such areas as data collection and analysis and in-vehicle terminals.

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