AUTO INDUSTRY NEWS

Grab gets $1 billion funding from Toyota

Grab gets $1 billion funding from Toyota  image

Eric Tipan / Toyota Press | June 14, 2018 09:55

Toyota invests $1 billion in Southeast Asian ride hailing platform Grab

After announcing a collaboration last year via Toyota's subsidiary The Connected Company, Grab received funding of an undisclosed amount and select vehicles were equipped with data-transmission TransLog driving recorders to improve the experience for riders and drivers. Now, the Japanese automaker's parent company makes a significant move to take their partnership with the ride-hailing app to the next level.

Toyota Motor Corporation has just announced that its alliance with Grab Holdings, Inc. has been strengthened with a $1 billion investment (110 billion yen). This development comes just a few months after Grab acquired Uber’s Asia Pacific assets.

Grab gets $1 billion funding from Toyota to develop new mobility tech

Part of the agreement includes appointing a Toyota executive as a member of Grab’s Board of Directors and a dedicated Toyota team member will be seconded to Grab to as an executive officer. Toyota will also be given authority to make personnel changes moving forward.

Both companies will now work toward implementing services that have been developed since the partnership began last year while also working on future mobility services solutions and ‘Mobility as a Service’ (MaaS) vehicles.

"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 and president of Toyota's in-house Connected Company

"We are thrilled to have Toyota onboard as a long-term, strategic partner of Grab's. Toyota is an incredible company that has done so much for the world. This strong partnership will enable us to become the one-stop mobility platform in Southeast Asia. We look forward to executing the same vision of the future. A future that will provide for safer and more affordable rides, more liveable cities, and millions of new micro businesses in the digital revolution. We will continue to work with global leaders like Toyota in bringing this vision to pass," said Anthony Tan, co-founder and CEO of Grab.