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Toyota is investing $1 billion into Southeast Asian ride-hailing company Grab, according to TechCrunch. The deal values Grab at $10 billion, well north of the $4 billion valuation it fetched nearly a year ago, and marks the largest individual sum of money an automaker has ever put into a ride-hailing company.

The investment also marks the second time Toyota has poured money into Grab, after taking a stake in the company through its Next Technology Fund last summer. Through the agreement, Toyota will gain a seat on Grab’s board of directors and appoint one of the company’s executives.See the rest of the story at Business Insider

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