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Toyota to invest US$1b in Grab in car-hailing expansion


TOKYO: Toyota Motor Corp. will invest $1 billion in Grab Holdings Inc. in the largest bet by a carmaker in a ride-hailing provider, underscoring the push by the auto industry to move from manufacturing to services.

The investment, part of Singapore-based Grab’s latest funding round, values Southeast Asia’s largest car-hailing service at $10 billion, according to a person familiar with the matter. A Toyota executive will be appointed to Grab’s board, and another Toyota employee will be seconded to Grab to as an executive officer, the carmaker said Wednesday.

Corporate News , Auto

   

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