Japanese automaker Toyota has announced to invest $1 billion into Southeast Asia’s largest ride-hailing company — the Singapore-based company Grab.
This investment is described as the biggest-ever investment by a traditional automaker in a ride-hailing firm. Before Toyota, South Korean brand Hyundai, and Japan-based Honda have invested in Grab as well.
Under the agreement, Toyota will also share technology with Grab, including software that predicts when cars need maintenance.
In a statement, Toyota Executive Vice President Shigeki Tomoyama said, “I am delighted that we are strengthening our collaboration, which utilizes Toyota’s connected technologies.”
Grab started out in 2012 in Singapore and has expanded aggressively ever since. Their operations are currently in 8 countries across South Asia, such as Vietnam, Malaysia, Indonesia etc.