Toyota makes $1 billion ride-hailing bet in Singapore's Grab stake

Toyota Motor Corp. is making its largest bet to date on ride hailing with a $1 billion investment in Singapore’s Grab Holdings Inc.

The Japanese auto manufacturer’s investment values Grab, Southeast Asia’s largest car-hailing service, at just over $10 billion, according to a person familiar with the transaction. A Toyota executive will be appointed to Grab’s board, and another Toyota employee will be seconded to Grab to as an executive officer, the carmaker said Wednesday.

Automakers are taking steps toward a future where mobility services will make individual car-ownership less necessary, while trying to fend off technology giants targeting the