Toyota pours $1 billion into Singapore’s Grab

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Toyota Motor Corp. is making the largest ever bet by an automaker on ride hailing as it embraces new businesses that threaten to disrupt the industry’s traditional model of vehicle ownership.

The world’s most profitable car manufacturer is investing $1 billion in Singapore’s Grab Holdings Inc., valuing Southeast Asia’s largest car-hailing service at just over $10 billion, according to a person familiar with the transaction. It follows an initial investment last year through Toyota’s trading arm in the company that

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