That's billion with a B Toyota is pouring an extraordinary $1 billion into Southeast Asia's Grab, valuing the one-time Uber rival at over $10 billion. It's thought to be the largest sum a traditional automaker has ever invested in a ride-hailing firm. In March, Singapore-based Grab bought out Uber's business in the region in a multibillion-dollar deal. CNN
Toyota Profits Toyota's quarterly profits were up 7.2% year-on-year, surprising analysts who expected flat earnings. The Japanese car manufacturer has been selling well in Asia, particularly in Thailand, and making cost reductions at home. Operating income was up just shy of 19%. However, wary of potential U.S. tariffs on imported cars, Toyota slightly downgraded its sales forecasts for the year to March 2019. BBC
Toyota and Uber Toyota is investing $500 million in Uber and will work with the U.S. firm on autonomous vehicle development. For Toyota, it's part of a transition to being a "mobility company"—four of Toyota's suppliers also announced a partnership on developing self-driving car software. Meanwhile, Uber's autonomous car efforts will involve retrofitting Toyota Sienna minivans. Real-world testing will start in 2021. Fortune
Toyota Recall Toyota is to embark on a massive recall of more than a million cars, including the hit hybrid Prius. The issue, which apparently involves the engine wire harness, may lead to a fire risk. There's been at least one incident of a short circuit that caused smoke. Around half the recalls will take place in Japan, with the rest in Europe, Australia and other countries. In the U.S., around 192,000 Prius vehicles will need to be recalled. Reuters
Toyota Recall Toyota has been forced to issue a recall for cars that had already been recalled and fixed for a different reason. This new round takes in over 2.4 million Prius and Auris hybrids told in North America, Japan and Europe—the vehicles have a fault that could cause them to suddenly stall at high speeds, though Toyota said it was not aware of any accidents. The cars will need a software update that takes around 40 minutes. BBC .
Toyota recalls another 1.3M U.S. vehicles as Takata airbag recall expands After years of recalls due to defective airbags made by Japanese company Takata, Toyota Motor Corp. has added another 1.3 million U.S. vehicles to its recall list. The automaker said the affected vehicles were equipped with a propellant that could degrade and explode without being triggered by a crash. (TheStreet)
Sienna hybrids to be part of Toyota's AV project with Uber Toyota Motor Corp. will deliver a fleet of hybrid next-generation Sienna minivans to Uber Technologies Inc. for development of Level 4 autonomous driving in what could become the first concrete output of the new mobility partnership that dates back more than two years. The minivans will be delivered to Uber in 2021. (Automotive News)
Toyota, Denso, SoftBank invest $1B in Uber's AV unit Uber's autonomous vehicle unit has raised $1 billion from a consortium of investors including SoftBank Group Corp., giving the company a much-needed funding boost on the eve of its public stock offering. Uber said that the investment values its Advanced Technologies Group at $7.25 billion. (Automotive News)
Subaru Stake Toyota is raising its stake in Subaru to over 20%, indicating a closer tie-in that could help the companies take on foreign auto rivals as manufacturers race to develop new technologies. Reuters