Toyota Motor Corp. said it plans to invest $1 billion in Grab, extending cooperation with the ride-hailing provider in Southeast Asia.
One Toyota executive will be appointed to Grab’s board, and a Toyota employee will be seconded to Grab to as an executive officer, the carmaker said in a statement Wednesday. Toyota didn’t disclose the size of the stake.
After boosting its grip on Southeast Asia with a deal with Uber Technologies Inc., six-year-old Grab is racing to become the region’s leading online-to-offline mobile platform and an everyday app for millions of users. It faces fierce competition from Indonesian rival Go-Jek, which is expanding ride-hailing and other services in Southeast Asia.
–With assistance from Yoolim Lee.
©2018 Bloomberg L.P.