FILE PHOTO: A man walks past a Grab office in Singapore March 26, 2018. REUTERS/Edgar Su/File Photo
A Grab office in Singapore. Toyota has upped its stake in the ride hailer. Edgar Su/Reuters

Toyota to take $1bn stake in ride-hailer Grab



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.

Wallabies

Updated team: 15-Israel Folau, 14-Dane Haylett-Petty, 13-Reece Hodge, 12-Matt Toomua, 11-Marika Koroibete, 10-Kurtley Beale, 9-Will Genia, 8-Pete Samu, 7-Michael Hooper (captain), 6-Lukhan Tui, 5-Adam Coleman, 4-Rory Arnold, 3-Allan Alaalatoa, 2-Tatafu Polota-Nau, 1-Scott Sio.

Replacements: 16-Folau Faingaa, 17-Tom Robertson, 18-Taniela Tupou, 19-Izack Rodda, 20-Ned Hanigan, 21-Joe Powell, 22-Bernard Foley, 23-Jack Maddocks.

The biog

First Job: Abu Dhabi Department of Petroleum in 1974  
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
Future plan: Will now concentrate on her charitable work

Elvis

Director: Baz Luhrmann

Stars: Austin Butler, Tom Hanks, Olivia DeJonge

Rating: 4/5

Company Profile

Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000

UAE currency: the story behind the money in your pockets
T20 World Cup Qualifier A, Muscat

Friday, February 18: 10am - Oman v Nepal, Canada v Philippines; 2pm - Ireland v UAE, Germany v Bahrain

Saturday, February 19: 10am - Oman v Canada, Nepal v Philippines; 2pm - UAE v Germany, Ireland v Bahrain

Monday, February 21: 10am - Ireland v Germany, UAE v Bahrain; 2pm - Nepal v Canada, Oman v Philippines

Tuesday, February 22: 2pm – semi-finals

Thursday, February 24: 2pm – final

UAE squad: Ahmed Raza (captain), Muhammad Waseem, Chirag Suri, Vriitya Aravind, Rohan Mustafa, Kashif Daud, Zahoor Khan, Alishan Sharafu, Raja Akifullah, Karthik Meiyappan, Junaid Siddique, Basil Hameed, Zafar Farid, Mohammed Boota, Mohammed Usman, Rahul Bhatia

All matches to be streamed live on icc.tv

The 10 Questions
  • Is there a God?
  • How did it all begin?
  • What is inside a black hole?
  • Can we predict the future?
  • Is time travel possible?
  • Will we survive on Earth?
  • Is there other intelligent life in the universe?
  • Should we colonise space?
  • Will artificial intelligence outsmart us?
  • How do we shape the future?
COMPANY PROFILE

Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends