• Toyota investing $1 billion in ride-hailing company Grab

    By: YURI KAGEYAMA, AP Business Writer

    TOKYO (AP) - Japan's top automaker Toyota Motor Corp. is investing $1 billion in Grab, the leading ride-hailing company in Southeast Asia, the company said Wednesday.

    Toyota said it reached a deal with Grab Holdings to strengthen the existing partnership to grow in mobility services in the region.

    A Toyota executive will be appointed to Grab's board and another Toyota official is being tapped to be an executive officer at Grab, the company said.

    Grab, which is similar to Uber in the U.S., is in eight nations in the region, including Malaysia, Singapore, Thailand and Indonesia.

    Uber's Southeast Asian operations were acquired by Grab earlier this year. Uber retained a 27.5 percent stake in the new merged entity.

    Toyota was initially cautious about ride-sharing and autonomous-driving technology.

    In recent years, the maker of the Camry sedan, Prius hybrid and Lexus luxury models has been aggressively playing catch-up, signing on partners around the world.

    Grab, based in Singapore, has recently attracted investments from SoftBank, a Japanese technology and telecommunications company, and Didi Chuxing, a Chinese ride-sharing and autonomous driving company.

    In Japan, where Uber has been trying to grow, ride-sharing is facing resistance from the nation's powerful networking of cab companies, especially in urban areas like Tokyo. Toyota supplies the bulk of the vehicles used by such cab companies.


    Follow Yuri Kageyama on Twitter at https://twitter.com/yurikageyama

    Her work can be found at https://www.apnews.com/search/yuri%20kageyama

    Next Up:

  • Headline Goes Here

    Toyota investing $1 billion in ride-hailing company Grab

  • Headline Goes Here

    Early penalty helps Japan beat Colombia 2-1 at World Cup

  • Headline Goes Here

    Japan princess in Russia to support team at World Cup

  • Headline Goes Here

    China hopes for implementation of NKorea-US summit outcome

  • Headline Goes Here

    China blasts new US tariff threat, warns it will retaliate