Tokyo/Singapore — Toyota is making the largest bet by a vehicle maker 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 $1bn in Singapore’s Grab, valuing Southeast Asia’s largest car-hailing service at just more than $10bn, according to a person familiar with the transaction. It follows an initial investment in 2017 through Toyota’s trading arm in the company that forced Uber out of the region. Toyota’s outlay in Grab is double the size of General Motors’ investment in Lyft in 2016, underscoring the sense of urgency CEO Akio Toyoda has in shifting the company towards mobility services. The company founded by Toyoda’s grandfather is preparing for intensifying competition from peers as well as technology giants as the industry transforms. “This is a good decision. Toyota should not be late in this area,” said Tatsuo Yoshida, an equities analyst at Sawak...
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