Honda President and Chief Executive Takahiro Hachigo speaks during a press conference. Pic: AP
Automaker Honda invests in ride-hailing service Grab
SOUTHEAST Asian ride-hailing service Grab said on Monday it had secured an investment from Japanese automaker Honda Motor Co as part of a deal to collaborate on its motorbike-hailing service, in the latest auto industry tie-up of its type.
Grab said Honda had agreed to invest an undisclosed amount in the firm, and the two companies would form a partnership to develop the ride-sharing technology and related driver education programs.
Automakers such as Volkswagen, Toyota Motor Corp and General Motors also have tie-ups with ride-sharing firms to hedge against a shift in the vehicle market away from private ownership.
SEE ALSO: Honda to open artificial intelligence centre in Tokyo rather than Silicon Valley
Grab, the biggest rival to ride-sharing service Uber Technologies Inc. in Southeast Asia, raised US$750 million in a funding round in September. A source familiar with the matter said the round valued Grab at more than US$3 billion.
Earlier this month, Grab, whose services include taxi and motorbike-hailing, car-pooling, delivery and mobile payments, announced that Japanese financial services company Tokyo Century Corp had made a strategic investment in the firm for an undisclosed amount. – Reuters
READ MORE
- 3 Steps to Successfully Automate Copilot for Microsoft 365 Implementation
- Trustworthy AI – the Promise of Enterprise-Friendly Generative Machine Learning with Dell and NVIDIA
- Strategies for Democratizing GenAI
- The criticality of endpoint management in cybersecurity and operations
- Ethical AI: The renewed importance of safeguarding data and customer privacy in Generative AI applications