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Toyota invests $1 billion in ride-hailer Grab

Toyota invests $1 billion in ride-hailer Grab
[Photo: Drew Graham/Unsplash]

The Japanese car giant is pumping $1 billion into the Singapore-headquartered ride hailer. The investment means the six-year-old Grab is now valued at around $10 billion. And Grab isn’t being shy about Toyota’s cash influx. The company is calling it the largest-ever investment globally by an automotive manufacturer in the ride-hailing sector, reports Reuters. Toyota is just the latest carmaker to throw money at ride-hailing firms. GM recently invested in Lyft. Analysts say the rapid investment in ride-hailing firms by traditional carmakers is a sign that auto companies are preparing for a future of reduced car ownership as automated cars and ride-hailing services become the norm.

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