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Toyota Invests in SE Asia’s Grab Ride-Hailing Service
Toyota Motor Corp. has joined a $2.5 billion financing round by GrabTaxi Holdings Pte Ltd., a Singapore-based ride-hailing startup.
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Toyota Motor Corp. has joined a $2.5 billion financing round by GrabTaxi Holdings Pte Ltd., a Singapore-based ride-hailing startup.
The carmaker did not disclose the size of its participation, which joins a combined $2 billion investment by Japan’s SoftBank Group Corp. and China’s DiDi Chuxing.
Five-year-old Grab already operates a pool of motorcycle, tax, carpooling and private car services in seven countries, according to Reuters. It says the startup claims to control more than 70% of private-vehicle services in southeast Asia.
Grab is launching a pilot test of Toyota’s TransLog tracking technology in 100 rental vehicles. The companies will use the system to analyze driving patterns and determine how to best deploy connected-car services. Toyota previously invested in Uber Technologies Inc. and is offering a special vehicle leasing plan for Uber drivers.
Honda Motor Co. announced last December it intended to collaborate with Grab on motorcycle sharing.
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