Toyota to buy $1-billion stake in Grab

What's with Grab

What's with Grab

This time, the automaker is lead investor in a financing round launched after Grab acquired Uber's operations in Southeast Asia, a region of 640 million people.

Under the agreement with Toyota, one of the Japanese company's executives will join Grab's board of directors, and a Toyota employee will be seconded to the startup full-time as an executive officer.

Grab is in eight nations in the region, including Malaysia, Singapore and Indonesia. Meanwhile Japan's SoftBank Group Corp - also an investor in Grab and Uber - last month said it would invest $2.25 billion in GM's autonomous vehicle unit Cruise.

The investment by Toyota is the largest-ever by an automaker in the global ride-hailing sector, the six-year-old start-up said in a statement on Wednesday.

Toyota has also backed San Francisco-based Uber Technologies Inc. and made investments in Japan Taxi, an Uber rival run by the chairman of Tokyo's biggest taxi operator.

Toyota has installed its driving recorder devices in some vehicles operated by Grab, using the collected data stored in its mobility services platform to analyse driving patterns and develop vehicle services.

Time Warner: Political ‘Motivation’ Was Behind Antitrust Lawsuit
AT&T and Time Warner's lead lawyer, Daniel Petrocelli, said outside the courthouse that the companies were gratified and relieved. He vowed that his administration would oppose it, and as president, he has relentlessly attacked CNN for its news coverage.

Toyota put money into Grab via its Next Technology Fund previous year, but this time around the capital comes directly from the parent company.

Today's announced expansion is aimed at achieving connectivity for Grab's rental auto fleet across Southeast Asia, and at rolling out various connected services throughout the region that use vehicle data stored on Toyota's MSPF. In particular, that will involve close collaboration with the Toyota Mobility Service Platform (MSPF), which is working on areas such as user-based insurance, new types of financial packages and predictive vehicle maintenance.

"We will work with partners like Toyota to continue to transform transportation in Southeast Asia", Grab said in an email. The two companies will look for future collaborations aimed to achieve more-efficient ride-hailing businesses and for developing future mobility service solutions and MaaS vehicles. The Malaysian-born but now Singapore-based company has its namesake app in over 100 million mobile devices, giving passengers access to over 6.6 million drivers and agents.

From its beginnings as a taxi-booking app - its original name is GrabTaxi - the company is morphing into an online platform for connecting users and offline services, and is venturing into financial services and venture capital.

"Going forward, together with Grab, we will develop services that are more attractive, safe and secure for our customers in Southeast Asia", Shigeki Tomoyama, Toyota executive vice-president, said in the release.

Recommended News

  • Japan Concerned About Trump's Plans to Stop Joint Drills With Seoul

    Japan Concerned About Trump's Plans to Stop Joint Drills With Seoul

    The president did not explain how the death of an American while being held hostage in North Korea led to peace, however. Mr Rodman is one of the few Westerners to have met the North Korean leader on visits to the capital city of Pyongyang.
    Angelina Jolie ordered to give Brad Pitt more time with kids

    Angelina Jolie ordered to give Brad Pitt more time with kids

    Jolie and Pitt were ordered to go through a summer schedule over the phone with their children, along with two psychologists. The schedule involves each child except for Maddox , who is being allowed to make his own choices because he is older.
    EA Reveal New Details About Anthem And A New Trailer

    EA Reveal New Details About Anthem And A New Trailer

    Mech suites, giant monsters, attractive open world and much more , the Anthem E3 2018 trailer packs it all in one 2 minute video. It has now been confirmed that Anthem players will be able to complete the entire game on their own if they so desire.
  • IHOP reveals the mystery of IHOb

    IHOP reveals the mystery of IHOb

    And just this month, KFC announced plans to sell a vegetarian equivalent of its chicken to attract a new base. People admitted on social media that they weren't quite positive about the name change, though.
    South Korea Didn't See This Coming - Cortney O'Brien

    South Korea Didn't See This Coming - Cortney O'Brien

    His statement follows a report from the New York Times, which criticized the White House for lacking a scientific advisory team. Kim legitimacy with this summit", Thomas Countryman, a top arms control official under President Barack Obama, told Reuters .
    Jon Stewart defends Samantha Bee

    Jon Stewart defends Samantha Bee

    Ivanka Trump being called the c-word is not something that Samantha Bee should have apologized for, Jon Stewart says. Stewart does have a point in regards to Trump's and his followers' response to Bee's usage of the word "cunt".
  • England captain Harry Kane rubbishes reports of World Cup’s demise

    England captain Harry Kane rubbishes reports of World Cup’s demise

    Donegan penned the song in 1965 as the official tune to go along with the Football Association's mascot for the tournament. The Under-17s' World Cup win , in particular, came at a moment where the profile of our young players was really high.
    Food Twitter Roasts Trump and Kim Jong-un Over Summit Lunch

    Food Twitter Roasts Trump and Kim Jong-un Over Summit Lunch

    The two men kicked off their summit with a handshake shortly after 9 a.m. local time Tuesday - 9 p.m. The video mixes both Hollywood and propaganda film tropes that play over a pulsing orchestral score.
    United Kingdom  government wins key Brexit parliamentary battle

    United Kingdom government wins key Brexit parliamentary battle

    But pro-EU Tory MP Heidi Allen warned that other members of the Government may follow Dr Lee out of the door. The Daily Express thundered: "Ignore the will of the people at your peril".
  • Fortnite Is On the Switch! How to Get It Now

    Fortnite Is On the Switch! How to Get It Now

    Instead, Switch owners will need to create a new account from scratch and lose all their progress from previous play sessions. Fortnite is certain to grab the short-term attention of players, but it's not necessarily a game that will sell hardware.
    Belmont Stakes 2018: Horses list

    Belmont Stakes 2018: Horses list

    In the Derby, Smith was in the white and green of WinStar Farm, the other major shareholder in racing's young king. The B.C-based breeder of Triple Crown victor Justify says he and his family are honoured to be a part of history.
    WC 2018: Blow for France as Mbappe suffers injury

    WC 2018: Blow for France as Mbappe suffers injury

    Kylian Mbappe limped out of training just four days before France's opening World Cup game against Australia in Kazan. Mbappe eased fears of a serious injury, posting on social media: "I'm fine, it was just a knock, so not serious.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.