Toyota to Launch Car Subscription Services

Economy

Nagoya, Feb. 5 (Jiji Press)--Toyota Motor Corp. <7203> said Tuesday that it will start car subscription services in Japan in stages from Wednesday, with a monthly cost starting from about 50,000 yen.

The full-fledged vehicle subscription services, the first of its kind by a Japanese automaker, will become available across the country in summer or later, according to Toyota.

Toyota aims to cultivate demand from the growing number of consumers mainly in urban areas who wish to use cars without owning them.

The subscription period for the two new services is set at three years. The fees include voluntary insurance payments, vehicle tax and registration costs, Toyota officials said.

Subscribers will not be allowed to purchase the vehicles they use and will face penalties if they cancel their subscriptions.

[Copyright The Jiji Press, Ltd.]

Jiji Press