Society | Jun 14

Toyota to invest $1 bil. in Grab

Jun 14 (NHK) - Japan's Toyota Motor is stepping up its alliance with Southeast Asia's leading ride-hailing firm amid growing interest in such services worldwide.

Toyota plans to invest 1 billion dollars in the Singapore-based company Grab. The carmaker is seeking new opportunities through self-driving technology. It also plans to send 2 senior executives to the company.

Grab offers taxi and other car services in Singapore, Thailand and 6 other Southeast Asian countries through a smartphone app. The firm boasts an overwhelming market share in the region.

The 2 companies formed their tie-up last August.

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