Toyota investing $1 billion in ride-hailing company Grab

13 June, 2018, 12:29 | Author: Regina Silva
  • A logo of Toyota Motor Corp is seen at the company's showroom in Tokyo Japan

The deal comes as the auto industry faces a spike in the need for technological prowess with the advent of features such as autonomous driving, while app makers offer passengers the option to forgo vehicle purchases by connecting them with drivers.

Until March this year, Grab was Uber's biggest competitor in the Asian region.

Wednesday's announcement deepens Toyota's partnership with Grab, following an earlier, undisclosed investment by the automaker's trading arm previous year. In 2016, General Motors invested US$500 million in Lyft, and Volkswagen also poured US$300 million into Israeli taxi app Gett in the same year. Last year, its trading arm, Toyota Tsusho Corp, injected an undisclosed amount in Grab, and the companies have worked together since August developing connected services.

Toyota announced today that it has concluded an agreement with ride-sharing app company Grab to strengthen their existing partnership and expand collaboration in Southeast Asia to drive further advances in Mobility as a Service (MaaS).

Toyota is investing as a lead investor in Grab's ongoing financing round, Grab said in a statement on Wednesday (June 13).

Senate adopts measure blocking Trump ZTE deal
ZTE is back in business: What now? Last week, the U.S. reached a deal with the Chinese technology giant that would remove the ban. Since the language is tucked into a larger defense bill, Trump would have no choice but to pass it.


Metal Wolf Chaos XD announced for PS4, Xbox One, and PC
It's going to be fascinating to see what happens when people get the chance to play Metal Wolf Chaos XD . Given how poorly the Xbox performed in Japan, that's not a phrase that you hear that often.


World Cup host Russian Federation spent billions, but will its economy benefit?
Organisers FIFA said the opening ceremony will have a "slightly different format" to previous years and focus on musical acts. The New York Times reviewed the letters and first reported on them.


The $1 billion investment is part of a broader fundraising round by Grab, which said it will use the money to further expand its food delivery service and mobile payment platform across the region. When Grab claimed the Softbank investment of $US250 million in 2014, it was at the time the largest made into a South East Asian internet company on public record. This strong partnership will enable us to become the one-stop mobility platform in Southeast Asia.

The automaker on Wednesday said by deepening the partnership, it hoped to achieve connectivity for Grab's rental auto fleet across Southeast Asia and offer financing, insurance and maintenance services to drivers based on data collected on its platform.

To accelerate decision-making, one Toyota executive will be appointed to Grab's board of directors and a dedicated Toyota team member will be seconded to Grab to as an executive officer, with Toyota considering more personnel exchanges in the future. Grab has already forced Uber Technologies Inc.to retreat from Southeast Asia. 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. Uber acquired 27.5 percent of Grab in exchange for the USA firm's Southeast Asian business earlier this year.

Grab's main rival is now Indonesia's Go-Jek which last month said it would invest $500 million to begin expanding overseas.

Recommended:



Popular

DUP to back Theresa May over Brexit amendments
That clause - drafted by Grieve - basically hands a lot of power to Parliament if no deal has been agreed by the end of November. The upshot of the shift may well be as dramatic as the parliamentary procedure is incomprehensible.

Angelina Jolie ordered to give Brad Pitt more time with kids
The schedule involves each child except for Maddox , who is being allowed to make his own choices because he is older. Pitt and Jolie share six children, Maddox , 16, Pax , 14, Zahara , 13, Shiloh , 12, and twins Vivienne and Knox , 9.

Ivanka Trump mocked for sharing ‘Chinese proverb’ that isn’t actually Chinese
Ivanka Trump on Monday tweeted a "Chinese proverb" to mark the historic meeting between Trump and North Korea leader Kim Jong-un. Some said it could have been "Don't give advice while watching others playing a chess game".

Raccoon scales high-rise in downtown St. Paul
The raccoon has gotten Twitter so excited that someone has even started an account on the critter's behalf: "The St. The raccoon has developed quite the following on Twitter, and people are understandably pretty anxious for it.

E3 2018: 7 Things We Know About Fallout 76
Fallout 76 can be enjoyed solo, but according to Bethesda's director Todd Howard this game will be played "entirely online". In addition, Fallout 76 will have a weather system, which will add a new dynamic to your experience in the wasteland.

Ariana Grande Seemingly Confirms Engagement to Pete Davidson!
Davidson got Grande's initials tattooed on his thumb as well as her iconic " dangerous woman " bunny ears tattooed behind his ear. US Weekly reports that friends have called the pair a "perfect fit", although said that they are "not rushing to get married".

Mercedes recalls hundreds of thousands of diesel cars over emissions "defeat devices"
Daimler , like other auto manufacturers, uses urea nitrate liquids to neutralize nitrogen oxide emissions in exhaust fumes. We will file an objection against the decision issued by the KBA (German Federal Motor Transport Authority).

Donald Trump fires back at Robert DeNiro: ‘Wake up, Punchy!’
Something that is objectively amusing : former De Niro fans destroying their memorabilia as a form of protest. "It's a disgrace. This was not the first time the Oscar-winning actor attacked Trump so publicly - and so colorfully.

Ethereum Classic Skyrockets With New Coinbase Listing
Coinbase Pro is the new platform to replace GDAX, in their announcement they mentioned that ETC will be listed on Coinbase Pro . As part of this process, customers can expect to see public-facing APIs and other signs that the asset is being added.

Donald Trump: Robert De Niro Is a 'Very Low IQ Individual'
And, after the f-bombs at the Tonys on Sunday night, it looks like De Niro is staying true to his word about speaking out. During the Tony Awards , De Niro, who has frequently sparred with Trump, drew a standing ovation with an anti-Trump rant.