Toyota puts billion in Uber's competitor

Toyota puts billion in Uber's competitor

World June 13, 2018 07:27

tokyo - Automaker Toyota is investing heavily in the taxi app Grab. The Japanese group is investing $ 1 billion in Uber's Singaporean competitor, which was announced on Wednesday. Two managers of Toyota will have a management position at Grab as a result of the investment.

The value of Grab is estimated at 10 billion dollars according to insiders. The company strengthened its position significantly in March by acquiring the South-East Asian operations of Uber.

Grab is not the only digital taxi service in which Toyota invests. The Japanese company also previously invested in Uber and Japan Taxi. Other car giants, such as General Motors, Daimler and Honda, have also invested in mobile taxi services or car sharing apps in recent years.

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