According to Bloomberg News on August 30, Toyota will invest in Grab, Southeast Asia's largest taxi service company, and cooperate with the company to provide car sharing services in Southeast Asia. A year ago, Toyota just acquired a portion of Uber Technology's shares to explore a new profit model. This shows that Toyota will further enter the shared car business.
Toyota Senior Managing Director Shigeki Tomoyama said in a statement that by working with Grab, Toyota will explore new models to provide safe, convenient and efficient car services to customers in Southeast Asia.
As current automation, electrification and timely traffic threaten current automotive business and business models, automakers are collaborating and competing with technology companies to find new ways to monetize. Toyota's competitor Honda has also invested in Grab. This is Toyota's first investment in a car sharing service company to expand its taxi business in Southeast Asia.
Toyota's investment in Grab will come from the Next Technology Fund, which was established in April by its subsidiary. The fund is worth $55 million (approximately RMB 363 million) to invest in innovative technologies, products and services.
Grab plans to raise $2.5 billion (about RMB 16.497 billion) from the latest round of financing. Grab just announced that it has raised $2 billion (about RMB 13.196 billion) from Didi's trip and Softbank's investment.
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