Japanese automaker Toyota Motor Corporation has announced a US$1 billion investment in Grab Holdings Inc., a Singapore-based ride hailing company backed by China’s largest ride hailing firm Didi Chuxing.
Toyota will appoint one executive to Grab’s board of directors and a dedicated Toyota team member will be seconded to Grab to as an executive officer, the company said.
"I am delighted that we are strengthening our collaboration, which utilizes Toyota’s connected technologies, with Grab, Southeast Asia’s leading ride-hailing company. Going forward, together with Grab, we will develop services that are more attractive, safe and secure for our customers in Southeast Asia," said Shigeki Tomoyama, Toyota executive vice president.
Grab operates online-to-offline mobile platforms in transportation, food and package delivery, mobile payments and financial services in 217 cities in eight Southeast Asian countries. In March, Grab acquired Uber’s ride share and food delivery businesses in Southeast Asia.
Toyota and Grab started cooperation in 2017. The two parties have been developing connected services for Grab utilizing driving data collected by Toyota’s TransLog data-transmission driving recorder. They have also provided driving-data-based automotive insurance for Grab’s rental fleet in Singapore through local insurance companies.
In 2017, Didi and SoftBank invested US$2 billion in Grab.