Toyota Plans Billion-Greenback Funding in Journey-Hailing Startup Seize

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TOKYO—

Toyota Motor
Corp.

TM -1.90%

stated Wednesday that it plans to take a position $1 billion in Southeast Asian ride-hailing agency Seize Inc.

The deal is one in all Toyota’s largest investments outdoors of its core enterprise of constructing automobiles. Chief Government

Akio Toyoda,

who has stated the automotive enterprise can be in jeopardy in a way forward for self-driving and shared automobiles, has pushed his firm to interrupt into new companies to make sure its survival.

The deal expands an present partnership introduced final 12 months between the auto large and the Singapore-based startup, which noticed Toyota present a software program spine for a portion of Seize’s ride-hailing fleet. That software program allowed Seize to check new providers, together with insurance coverage with a value primarily based on driving habits.

Underneath the deal, these providers can be rolled out throughout Seize’s rental fleet. One in every of Toyota’s workers will develop into a Seize government, and a Toyota government may also sit down on the startup’s board.

Write to Sean McLain at sean.mclain@wsj.com



Supply hyperlink – https://www.wsj.com/articles/toyota-plans-billion-dollar-investment-in-ride-hailing-startup-grab-1528859587?mod=pls_whats_news_us_business_f

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