Toyota Invests US$1 Billion into Ridesharing Company Grab |
NEWS |
Toyota announced this month that it would be investing US$1 billion into Southeast Asian ridesharing provider Grab. As part of the agreement, Toyota will invest US$1 billion In Grab with one Toyota executive also being appointed to Grab’s board of directors with the view of exchanging further personnel in the future.
The investment by Toyota follows a wave of investments made by other Original Equipment Manufacturers (OEMs) in the area. Earlier this month, Volkswagen (VW) invested US$80 million in U.S.-focused ridesharing provider, Gett, and in May, Daimler invested in European-focused Taxify as part of a US$175 million investment round.
The spread of investment in different regional players highlights how the ridesharing market is still far away from maturity. But why are OEMs choosing to invest in different ridesharing providers in different regions? And why are these partnerships important for OEMs and Ridesharing vendors alike?
OEMs Continue to Spread their Bets |
IMPACT |
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