Toyota Ideas Billion-Dollar Expenditure at Ride-Hailing Startup Get

The Get Brand is displayed on a Cab in Bangkok this past Year. The startup is now getting an $ 1billion investment from Japanese car giant Toyota.


TM -1.90%

said Wednesday that it intends to invest $ 1billion in Asian Asian ride-hailing firm Get Inc..

The bargain is one of Toyota’s greatest investments outside of its core business of earning autos. Leader

Akio Toyoda,

who has said the automotive business will be in jeopardy in a near future of self-driving and shared vehicles, has pushed his firm to break into new businesses to ensure its own survival.

The bargain expands an current partnership announced last 12 months between the automobile giant and the Singapore-based startup, which saw Toyota provide a software backbone for a portion of both Grab’therefore ride-hailing fleet. That applications allowed seize to test new services, for example insurance having a cost based on driving habits.

Below the deal, these products and services will be rolled out across Grab’s leasing fleet. One of Toyota’s workers and a Toyota executive will also take a chair in the startup’s plank.

Produce to Sean McLain in