Toyota investing $1 billion in ride-hailing company Grab

Toyota investing $1 billion in ride-hailing company Grab

Announcing Toyota's stake Wednesday, Singapore-based Grab called the investment the largest ever by an automaker in the global ride-hailing sector. It follows an initial investment a year ago through Toyota's trading arm in the company that forced Uber Technologies Inc. out of the region. It has also backed Japan Taxi, an Uber rival run by the chairman of Tokyo's biggest taxi operator. Grab said it plans to work with its new investor "to create a more efficient transport network that will ease traffic congestion in Southeast Asia's megacities" and help its drivers increase their income. The investment is to take place around the end of this month, Toyota said.

Toyota's trading arm, Toyota Tsusho Corp., invested an undisclosed amount in August, and the companies have worked together since then, developing connected services.

Today's announced expansion is aimed at achieving connectivity for Grab's rental auto fleet across Southeast Asia, and at rolling out various connected services throughout the region that use vehicle data stored on Toyota's MSPF.

Toyota, the world's most valuable carmaker with a market capitalization of about $221 billion, has sought partnerships with a pantheon of tech companies including Amazon Inc. and Apple Inc.in a bet that data will be a key part of its future.

Idaho child diagnosed with plague
People can protect themselves when visiting plague-infested wildlife areas by wearing insect repellent, long trousers and socks. Lab results this week confirmed he had the bubonic plague , which was one of the most devastating pandemics in human history.

The cooperation with Grab will focus on services related to fleet management, such as maintenance.

Toyota executive VP Shigeki Tomoyama, who is president of hte in-house Connected Company, said the collaboration will utilise Toyota's connected technologies. The automaker is still discussing which executive to send to Grab's board, and is considering dispatching "a number" of Toyota employees to its partner, the spokeswoman said.

At about $10 billion, Grab is still a relatively small player. While Grab would not share how much it is raising in this ongoing round, observers pegged the sum to be US$2 billion, similar to its Series G round led by Didi Chuxing and Softbank in 2017.

Japan's SoftBank Group Corp last month announced it would invest $2.25 billion in the Cruise autonomous vehicle unit of General Motors Co, while Fiat Chrysler Automobiles NV and Jaguar Land Rover Automotive PLC have agreed to supply vehicles for Alphabet Inc's self-driving auto subsidiary Waymo.

Kartik Aaryan, Daisy Shah attend Race 3 screening. See videos
The teaser of Shah Rukh Khan's next film Zero was unveiled and much to the happiness of fans, it featured Salman Khan too. Apart from Salman Khan , Zero features cameos from Sri Devi, Rani Mukerji, Kajol, Karisma Kapoor, Alia Bhatt, and others.

Carmakers are working with and competing against technology companies to figure out how to make money from services to drivers as automation, electrification and on-demand transportation threaten to reshape the industry.

Toyota is investing a further $US1 billion in ride-sharing giant Grab.

Li Jianggan, chief of business consultancy firm mworks and former Asian head of Easy Taxi, told BT: "Grab is constantly raising money - and I believe they do need a good cash reserve to realise their complex ambition of being the dominant Internet and fintech giant in South-east Asia".

McCain to allies: 'Americans stand with you, even if our president doesn't'
The group of seven nations that make up the G7 are Canada, France , the U.S. , the UK, Germany, Japan and Italy. Prior to Trump's departure for Singapore, global leaders met in Quebec over the weekend for the G7 conference.

Related News:

  • Russian Federation  2018: Putin says he can’t wish Saudi Arabia success today

    Russian Federation 2018: Putin says he can’t wish Saudi Arabia success today

    Gazinsky headed into the net in the 12th minute at the Luzhniki Stadium in Moscow, sparking scenes of delight from the home crowd. Both sides tried to assert their dominance in the opening exchanges by holding onto the ball and dictating the tempo of the game.
    Russian Federation  throttles Saudi Arabia, as hosts start strong in World Cup

    Russian Federation throttles Saudi Arabia, as hosts start strong in World Cup

    What's next? The other two sides in Group A - Egypt and Uruguay - open their campaigns when they meet at midnight tonight (NZT). The World Cup was due to kick off in Russian Federation on Thursday with a match between the hosts and Saudi Arabia .

    Ivanka Trump's 'Chinese proverb' tweet mystifies China

    Weibo users who agreed it wasn't a Chinese proverb tried to guess what saying she may have been trying to reference. However, it was not long before she was mocked by social media users as no such Chinese proverb reportedly exists.
  • Queen takes Meghan by train on first solo royal trip

    Queen takes Meghan by train on first solo royal trip

    Mr Curphey, 32, who met the Royals , said: "The children have been hugely excited and it's been a massive treat for them". It's protocol for The Queen to enter the auto first, but the monarch seemed happy to allow Meghan to enter before her.
    Strong storms, apparent tornadoes flip cars and trigger building collapses in Pennsylvania

    Strong storms, apparent tornadoes flip cars and trigger building collapses in Pennsylvania

    Mundy Street was closed from Highland Park Boulevard to Tambur Boulevard all day Thursday, as was the Wyoming Valley Mall. A bystander stands in front of several businesses in the area of the Wilkes Barre Township Commons on Thursday morning.
    Corker blasts Senate colleagues for blocking vote on tariffs

    Corker blasts Senate colleagues for blocking vote on tariffs

    Corker said such procedures are "used as customarily as waking up in the morning and drinking a cup of coffee", he said.
  • What's the difference between North Korea and Iran?

    What's the difference between North Korea and Iran?

    According CNN and BBC Monitoring , North Korean state TV has aired news of the summit across the country on Thursday. The official acknowledged, however, it was still not certain how that was going to happen.
    Antarctic Ice Sheet Is Melting Faster: New Study - Hit & Run

    Antarctic Ice Sheet Is Melting Faster: New Study - Hit & Run

    Shepherd says they've seen the most dramatic effects in West Antarctica , where the ice sheet rests on the sea bed. The researchers relied on samples taken as part of the worldwide ANtarctic geological DRILLing (ANDRILL) project.
    E3 2018: Fire Emblem: Three Houses revealed; dated for Spring 2019

    E3 2018: Fire Emblem: Three Houses revealed; dated for Spring 2019

    It will be interesting to see if Fire Emblem: Three Houses borrows from Fire Emblem: Heroes for mobile devices in any fashion. The game is set in a new world-Focilan, where the Church of Seiros exercises great power over the land and people.
  • Nintendo talks about Netflix on Switch, loot boxes and more

    Even if games do support cross-play, like Rocket League , the PS4 is kept apart from the Switch and Xbox. This is not the first time Sony has refused to work with Microsoft and Nintendo to support cross-play.
    Canelo Alvarez Vs. GGG Rematch Date Set After Crazy Day Of Negotiations

    Canelo Alvarez Vs. GGG Rematch Date Set After Crazy Day Of Negotiations

    The news will come as a blow to WBO champion Saunders, who had a deal in place to take on Golovkin at the end of August. The rematch is set for September 15, that much we know.
    The Clinton email report is coming

    The Clinton email report is coming

    More recently, the President has signaled a hope that the inspector general's report will vindicate his instincts on Comey. Bloomberg obtained a copy of the report's conclusions ahead of a public release expected later Thursday.


Most liked

U.S. unveils new de facto embassy in Taiwan
Yet, as NPR's Rob Schmitz explains , Washington has been creeping steadily closer to Taiwan under the Trump administration. It opened the American Institute of Taiwan (AIT) to conduct relations between the two sides after severing ties.

Nick Nurse to be Raptors' next coach
The terms of the deal were not announced yet. "I leave here with my head high", he told TSN via text message in May. Wojnarowski reports that Nurse accepted the job on Tuesday morning.

Kashmiri journalist shot dead, Army jawan abducted & killed
It was not immediately clear how many gunmen attacked Bukhari, who earlier worked with The Hindu newspaper. Bukhari was an extensively travelled journalist, who used to write in English, Kashmiri and Urdu.

Kim Kardashian meets Alice Marie Johnson for the first time
After the two discussed Johnson's case, Kardashian said that the president, "had compassion for her right away". The 62-year-old great-grandmother was serving a life sentence on nonviolent drug and money laundering charges.

"The Shining" Sequel "Doctor Sleep" Confirms Ewan McGregor As Lead
According to Variety , he has lingering rage and a drinking problem that dulls his pain as well as his " shining " powers. Ewan McGregor can be seen later this year in Disney's Christopher Robin alongside Hayley Atwell.

Russian Federation defeats Saudi Arabia 5-0
Today marks the opening of Russia's first ever World Cup, against a team who have not competed at the tournament since 2006. The FA had this to say; "We congratulate the USA, Canada and Mexico on winning the bid to host the 2026 Fifa World Cup ".

Musk's Boring Company wins bid to build high-speed system in Chicago
It also requested that fares be less than the current rate for ride-shares and taxis on the same journey. The SpaceX , Tesla and Boring Company CEO is set to talk tunnels Thursday in Los Angeles .

Target Under Fire For "Baby Daddy" Card Featuring Black Couple
Retail chain Target is under fire for selling a card featuring a kissing black couple with the words "Baby Daddy" emblazoned on it.

India rejects United Nations report on human rights violation in Kashmir as fallacious
The government strongly rebutted the charges, with the MEA questioning "the intent in bringing out such a report". Alleged sites of mass graves in the Kashmir Valley and Jammu region should be investigated, he said.

British MPs Vote Down Amendment to Veto Brexit Deal
A Brexit department spokesman said Tuesday, "We have not, and will not, agree to the House of Commons binding the government's hands in the negotiation".

Two Norwegian politicians nominate Trump for Nobel Peace Prize
The committee doesn't publicly comment on who was nominated, information which is required to be kept secret for 50 years. In 2009, the Nobel Peace Prize award to newly-elected US President Barack Obama was widely criticized as premature.

Hideo Kojima Reveals New 'Death Stranding' Trailer at E3
Here's all you need to know about the game's trailer , release date, cast, gameplay and plot. For example, the new clip is the first to show some form of gameplay from Death Stranding .

E3 2018: Nintendo unveil Mech action game Daemon X Machina for Switch
The character designs were created by Yusuke Kozaki, who also worked on the Fire Emblem Awakening and Fire Emblem Fates games. Players will be able to equip their mech suits with a multitude of weapons, as well as scavenge them from downed enemies.

Sarah Huckabee Sanders leaving White House, reports claim; Sanders responds
Sarah Huckabee Sanders tweeted about an hour after CBS News reported she was leaving at the end of the year. Communications director Anthony Scaramucci was sacked last summer after a brief stint at the White House.

President blasts Trump Foundation lawsuit
President Donald Trump waves as he arrives on the South Lawn of the White House in Washington, Monday, Aug. 14, 2017. Trump or his businesses to non-profits, regardless of their goal of legality", Underwood said in a statement.