Toyota Pumps $1 Billion Investment Into Grab

Southeast-Asian ride-hailing firm Grab announced this week that it will be getting $1 million in fresh investment from Japan’s Toyota Motors to expand their partnership and explore new strategies for the region.

It was also revealed that a Toyota executive will be appointed to Grab’s board of directors and a team member will be elevated to an executive position in the Singapore-based company.

Grab adds that the investment will allow Toyota to integrate services such as user-based insurance and predictive maintenance with them which may serve as an incentive for drivers to drive more safely to to lower their insurance premiums.

Source: CNBC