Toyota investing $1 billion in ride-hailing company Grab

What's with Grab

What's with Grab

Toyoda - due to face shareholder questions at an annual meeting Thursday in Toyota City - is putting in the money after GM's Cruise autonomous-car unit won a $2.25 billion investment from billionaire Masayoshi Son's SoftBank Group Corp.

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.

Toyota Motor Corp has agreed to invest $1 billion (S$1.34 billion) in Southeast Asian ride-hailing firm Grab as a lead investor in the company's ongoing financing round, which was launched after it bought Uber Technologies' regional business.

Data collected from the recorders could also help Toyota in its own development of next-generation mobility services, including a self-driving electric vehicle it plans to develop for companies to use for tasks such as ride-hailing, package delivery and mobile shops.

A Toyota (tm) executive will be appointed to Grab's board, and another Toyota employee will be seconded to Grab to as an executive officer, the carmaker said Wednesday.

Toyota will also share technology with Grab, including software that predicts when cars need maintenance.

Prior to this, Toyota has also invested in Grab (and its former rival Uber).

"A board seat nearly guarantees that Grab will buy cars from Toyota", said Steve Man, an analyst at Bloomberg Intelligence in Hong Kong.

Grab says that this investment allows it to further expand its range of O2O services, such as GrabFood and GrabPay, deeper into the region. 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.

"We are thrilled to have Toyota onboard as a long-term, strategic partner of Grab".

Toyota, the world's most valuable carmaker with a market capitalization of about $221 billion, has sought partnerships with tech companies in a bet that data will be a key part of its future.

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.

Ma estimated that Grab will reach over US$1 billion in revenue this year, as its users exceed 100 million in the region. "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 and president of Toyota's in-house Connected Car Company, said.

On April 8, Uber's rideshare service disappeared and commuters in Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam switched over to the Grab app.

Notícias recomendadas

  • After Trump trade spat, UK's May warns against unilateral action

    After Trump trade spat, UK's May warns against unilateral action

    While there was "common ground" in some areas, she said she was "disappointed" by the United States stance on trade. That's going to cost a lot of money for the people of Canada.

    Meghan Markle's Plus-Size Doppelganger Leaves Internet in Awe

    In fact, it's rumored that Prince Harry might have a little something to do with her style choices. Since 1748, Trooping the Colour has also marked the official birthday of the British sovereign.
    Dixons Says Almost 6 Million Cards Targeted in Cyberattack

    Dixons Says Almost 6 Million Cards Targeted in Cyberattack

    The company said it had informed the relevant authorities, including the Information Commissioner's Office, the Financial Conduct Authority, and the police.
  • White House aide apologizes for 'special place in hell' comment

    White House aide apologizes for 'special place in hell' comment

    Another thing buoying Trudeau has been the near-universal Canadian response to Trump's comments. Reps not to endorse the Communique as we look at Tariffs on automobiles flooding the U.S.
    John Schneider Sentenced to Jail Over Delinquent Spousal Support

    John Schneider Sentenced to Jail Over Delinquent Spousal Support

    John Schneider has checked himself into jail to begin serving his sentence for not paying spousal support to his ex-wife, Elvira. He reportedly did not, meaning 240 hours of community service was also added to his sentence in addition to the days in jail.
    United Kingdom  minister resigns, plans to rebel over parliament's Brexit role

    United Kingdom minister resigns, plans to rebel over parliament's Brexit role

    Her mission is clear: to find a way to unite the warring Brexit factions in her party before they derail the government. Ms Soubry warned: "Never before have we been in a situation where we have a Cabinet who is so divided".
  • Steam is finally getting integrated voice chat

    Steam is finally getting integrated voice chat

    Valve has released the public beta of Steam Chat , a new client that allows users to chat on the Steam platform easily . Voice chat has also been rebuilt from the ground up, with Valve saying it now sounds a lot cleaner than it did before.

    Italian Finance Minister Giovanni Tria commits to euro, aims to cut debt

    Tria, a little-known economics professor who is not affiliated to any party, said the coalition was committed to remaining within the single currency.
    Mark Sanford, Fromer SC Governor, Loses Seat in U.S. House

    Mark Sanford, Fromer SC Governor, Loses Seat in U.S. House

    In Virginia , women won Democratic primaries in four out of four congressional districts that could be competitive this November. That result would lead to a runoff between McMaster and Warren, with Catherine Templeton eliminated on 20 percent of the vote.
  • FCC chairman celebrates the end of net neutrality with more lies

    They can also set up "fast lanes" for preferred services - in turn, relegating everyone else to "slow lanes". Big changes could be headed to the internet industry as net neutrality becomes a policy of the past.
    Ireland's €25000 fine for blasphemy might end

    Ireland's €25000 fine for blasphemy might end

    However, in 2015, Irish authorities launched an investigation under blasphemy laws into British actor and comedian Stephen Fry. The Minister, TD Charlie Flanagan said the drafting of the required Constitution Amendment Bill has also been approved.
    Game of Thrones’ spin-off cancelled, George RR Martin confirms

    Game of Thrones’ spin-off cancelled, George RR Martin confirms

    Martin went on to also extol much of the success in getting Goldman's treatment first before cameras goes to Goldman herself. Everything I am told indicates that we could film at least one more pilot , and maybe more than one, in the years to come.

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.