TOKYO: Japan's top automaker Toyota Motor Corp is investing US$1 billion in Grab, the leading ride-hailing company in Southeast Asia.
Toyota said on Wednesday that it reached a deal with Grab Holdings to strengthen a partnership they already have in order to grow in mobility services in the region.
A Toyota executive will be appointed to Grab's board and another Toyota representative is being tapped to be an executive officer at Grab, the company said.
Grab is in eight nations in the region, including Malaysia, Singapore and Indonesia.
Toyota was initially cautious about ride-sharing and autonomous-driving technology.
In recent years the maker of the Camry sedan, Prius hybrid and Lexus luxury models has been aggressively playing catch-up, signing on partners around the world.