Toyota makes record $1 billion investment in ride-hailing firm Grab
Toyota is placing a big bet on Southeast Asia's largest ride-hailing company. The Japanese company is pumping $1 billion into Singapore-based Grab -- the biggest ever investment by a traditional automaker in a ride-hailing firm -- the companies announced Wednesday. The new funding values Grab at just over $10 billion, according to a person familiar with the company. Grab made headlines in March by buying out Uber's business in Southeast Asia in a multibillion-dollar deal. The two companies already had a relationship: Toyota's trading arm invested an undisclosed amount in Grab last year.
Toyota captures data goldmine in $1 billion Grab bet
according to It will get even more vehicle data with Toyota, which has been harvesting data through TransLog since 2016 in sales and trials with taxi firms and car-hailing operators including Grab. The data gives Toyota insight into fleet management as it develops services including futuristic concepts such as pay-per-use mobile restaurants. Toyota and Grab will be able to use the data for possible collaboration on data-driven services such as vehicle diagnostics and customized insurance plans based on driver usage. "Vehicle maintenance costs, insurance costs, these are bread-and-butter issues for ride-hailing drivers," said Chua Kee Lock, chief executive of Vertex Venture Holdings in Singapore, an early Grab investor. ADVERTISEMENT"This partnership with Toyota will keep Grab's platform 'sticky' and give drivers less incentive to switch to competitors," said Chua.collected by :Edison Noah