Toyota to invest $1 billion in Grab with the former’s executives leading the latter

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Toyota will invest $1 billion into Grab, the latter said today, June 13. This investment is a build on the existing partnership between the companies and targets exploring new mobility strategies in Southeast Asia.

As a global leader in the automotive industry, Toyota’s investment in Grab is based on their conviction in our leadership in driving the adoption of new mobility solutions and expanding [online-to-offline] mobile services, such as GrabFood and GrabPay, in the region. – Ming Maa, Grab’s President

The deal also includes an executive from Toyota joining Grab’s Board of Directors. Similarly, a team member of Toyota will come to Grab as an executive officer. According to the Singapore-based company, it is the largest investment by an automotive manufacturer.

The agreement will enable Grab in expanding its services like food delivery and electronic payments in Southeast Asia.

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In terms of benefitting, the Toyota Motor investment will lead the Japanese automotive company in integrating its services like predictive maintenance and user-based insurance. This will trigger drivers to be more careful about enjoying lower insurance premiums.

Shigeki Tomoyama, executive VP of Toyota said: “Going forward, together with Grab, we will develop services that are more attractive, safe and secure for our customers in Southeast Asia.”

Via: CNBC

Toyota to invest $1 billion in Grab with the former’s executives leading the latter