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Toyota pumps $1 billion in Grab in auto industry’s biggest ride-hailing bet

June 13, 2018

Via: Reuters

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 connecting them with drivers.

Some automakers have responded by partnering with makers of ride-hailing apps which dominate the fast-growing field of mobility services, in anticipation of a future of reduced car ownership.

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