Honda has invested in Southeast Asia’s rival to Uber

Honda has invested in Grab, Southeast Asia’s rival to Uber, in the latest sign of a shift by vehicle makers towards offering car services as they face the prospect of declining car ownership. The Japanese carmaker did not specify the value of its investment in Grab, which is part of a deal to collaborate in the region. The collaboration will include offering Honda bikes for sale to Grab drivers and running driver education programmes to promote motorcycle safety. Grab raised $750 million in equity financing in September, making it the best funded technology start-up in the region. The funding round valued the business at more than $3 billion…  Japanese financial services group Tokyo Century Corporation announced an investment in Grab earlier this month. A number of car companies have taken stakes in ride-hailing groups, with General Motors investing in Lyft and Toyota investing in Uber. Groups such as BMW have also launched their own car-sharing schemes.

 

Jeevan Vasgar

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