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Japan's Toyota Motor will invest $1 billion into Southeast Asian ride-sharing app Grab, the Singapore-based company said Wednesday.
The investment will see the two companies expand on their existing partnership and explore new mobility strategies across the region, Grab said. Additionally, an executive of the Japanese manufacturer will be appointed to Grab's board of directors while a Toyota team member will become an executive officer in the ride-sharing company.
The investment, which Grab said is the largest ever by an automotive manufacturer in the ride-hailing sector, aims to allow the Southeast Asian company to expand its range of online-to-offline services such as food delivery and electronic payments in the region.
"As a global leader in the automotive industry, Toyota's investment in Grab is based on their conviction in our leadership in driving the adoption of new mobility solutions and expanding [online-to-offline] mobile services, such as GrabFood and GrabPay, in the region," Ming Maa, president of Grab, said in a statement.
According to Grab, the investment will allow Toyota to further integrate its services such as user-based insurance and predictive maintenance with the Singapore-based company. That could act as an incentive for drivers to drive more safely to enjoy lower insurance premiums.
"Going forward, together with Grab, we will develop services that are more attractive, safe and secure for our customers in Southeast Asia," Shigeki Tomoyama, Toyota executive vice president, said in a statement included in the announcement.