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.
collections
NewsletterCourses and LearningAdvertiseCurrent IssueFast Government
The future of innovation and technology in government for the greater good
Most Innovative Companies
Fast Company's annual ranking of businesses that are making an outsize impact
Most Creative People
Leaders who are shaping the future of business in creative ways
World Changing Ideas
New workplaces, new food sources, new medicine--even an entirely new economic system
Innovation By Design
Celebrating the best ideas in business
Follow us:
