TOKYO—Toyota Motor Corp. said Wednesday it plans to dive deeper into the ride-hailing business by teaming up with Singapore-based startup Grab Inc.
Separately, Toyota Group company Toyota Tsusho Corp. said it would invest an undisclosed amount in Grab as part of a $2.5 billion fundraising round announced in July.
Toyota 7203, +1.00% TM, -0.17% says it will install tracking devices on 100 Grab vehicles to gather data on driver behavior to help develop aspects of its mobility services, such as usage-based insurance and financing programs.
