Toyota to buy $1-billion stake in Grab

Jamie McKane

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Toyota to buy $1-billion stake in Grab

Toyota Motor Corp. will buy a $1 billion stake in Grab in one of the largest investments by a carmaker 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 Southeast Asia, the carmaker said in a statement Wednesday, without disclosing what percentage of Grab it will own.

[Bloomberg]
 
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