Toyota Motor will buy a $1 billion stake in Grab in one of the largest investments by a car maker in a ride-hailing provider, underscoring the push by the auto industry to move from manufacturing to services.
The deal extends Toyota’s cooperation with Grab, the largest ride-hailing service in South East Asia, the car maker said in a statement Wednesday, without disclosing what percentage of Grab it will own. 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 car industry is racing with technology companies to gain ground in mobility services such as vehicle sharing and ride hailing, which are set to reduce the need for auto ownership. Toyota has also backed San Francisco-based Uber Technologies and made investments in Japan Taxi, an Uber rival run by the chairman of Tokyo’s biggest taxi operator.
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Akio Toyoda, Toyota’s president, has also sought out partnerships with tech companies as part of his bet that data will be a key part of the company’s future.
Toyota already invested an undisclosed amount in Grab last year. Since then, Grab has boosted its grip on South East Asia by buying Uber’s business in the region. Six-year-old Grab faces fierce competition from Indonesian rival Go-Jek, which is expanding ride-hailing and other services in South East Asia.
Carmakers are working with and competing against technology companies to figure out how to make money from services to drivers as automation, electrification and on-demand transportation threaten to reshape the current model of individual car ownership. General Motors and Honda are among car makers that have invested in ride-hailing applications. Honda also invested in Grab in a partnership aimed at expanding motorcycle-hailing operations in South East Asia.
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
MATCH INFO
Manchester United 2
(Martial 30', McTominay 90 6')
Manchester City 0
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
THE%20SPECS
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Fixtures and results:
Wed, Aug 29:
- Malaysia bt Hong Kong by 3 wickets
- Oman bt Nepal by 7 wickets
- UAE bt Singapore by 215 runs
Thu, Aug 30:
- UAE bt Nepal by 78 runs
- Hong Kong bt Singapore by 5 wickets
- Oman bt Malaysia by 2 wickets
Sat, Sep 1: UAE v Hong Kong; Oman v Singapore; Malaysia v Nepal
Sun, Sep 2: Hong Kong v Oman; Malaysia v UAE; Nepal v Singapore
Tue, Sep 4: Malaysia v Singapore; UAE v Oman; Nepal v Hong Kong
Thu, Sep 6: Final
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A Bad Moms Christmas
Dir: John Lucas and Scott Moore
Starring: Mila Kunis, Kathryn Hahn, Kristen Bell, Susan Sarandon, Christine Baranski, Cheryl Hines
Two stars
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
LEADERBOARD
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Company%20Profile
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Company%20profile
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