Toyota Motor Corporation (Toyota) announced today that it has concluded an agreement with Grab Holdings Inc. (Grab) to strengthen their existing partnership and expand the collaboration between Toyota and Grab in Southeast Asia to drive further advances in Mobility as a Service (MaaS) across the region. As part of this agreement, Toyota will invest $1 billion U.S. dollars (approximately four billion Ringgit Malaysia) in Grab. Furthermore, to accelerate decision-making, one Toyota executive will be appointed to Grab’s board of directors and a dedicated Toyota team member will be seconded to Grab to as an executive officer, with Toyota considering more personnel exchanges in the future.
Grab operates online-to-offline mobile platforms in transportation, food, and package delivery, mobile payments and financial services in 217 cities in eight Southeast Asian countries
Since August 2017, Toyota and Grab have been developing connected services for Grab utilizing driving data collected by Toyota’s TransLog data-transmission driving recorder. The recorder, developed by Toyota for corporate fleets, has been installed in 100 Grab rental cars. The data collected is stored on Toyota’s proprietary mobility services platform (MSPF), which serves as a form of information infrastructure for connected vehicles.
Both have already begun collaborating in the field of connected vehicles, for example, providing driving-data-based automotive insurance for Grab’s rental fleet in Singapore through local insurance companies.
Regarding the latest agreement, Shigeki Tomoyama, Toyota executive vice president and president of Toyota’s in-house Connected Company, said: “I am delighted that we are strengthening our collaboration, which utilizes Toyota’s connected technologies, with Grab, Southeast Asia’s leading ride-hailing company. Going forward, together with Grab, we will develop services that are more attractive, safe and secure for our customers in Southeast Asia.”
Anthony Tan, co-founder, and CEO of Grab, also commented: “We are thrilled to have Toyota onboard as a long-term, strategic partner of Grab’s. Toyota is an incredible company that has done so much for the world. This strong partnership will enable us to become the one-stop mobility platform in Southeast Asia.
This partnership will contribute to the creation of the mobility society that delivers comfort and benefit to the people in the Southeast Asia.