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Toyota pumps $1 bln in Grab in auto industry's biggest ride-hailing bet

Reuters  |  SINGAPORE 

SINGAPORE (Reuters) - Toyota Motor Corp has agreed to buy a $1 billion stake in Southeast Asia's Grab in the biggest investment by a carmaker into a ride-hailing firm, at a time when traditional automakers are racing to team up with disruptive tech companies.The value of six-year-old Grab will be just over $10 billion after the investment, said a person familiar with the matter.The deal comes as the auto industry faces a spike in the need for technological prowess with the advent of features such as autonomous driving, while app makers offer passengers the option to forgo car purchases by ...

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First Published: Wed, June 13 2018. 14:42 IST
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