Are you looking for one billion reasons why the automotive industry is changing in an irrevocable way that is definitely going to impact dealerships, customers, and everyone in between? Then the latest move by Toyota should be more than capable of catching your attention on this front.
As Sherisse Pham of CNN reports, this Japanese automotive titan recently invested $1 billion into Southeast Asia's leading ride-hailing service, Grab. In return for this massive amount of funding, Toyota receives not only a spot on the company's board of directors, but also the ability to tap directly into the growing demand for transportation-as-a-service (TaaS) offerings as it continues to brace for an automotive future in which mobility - and not actual vehicles - is the primary product that piques the interests of customers.
Going a step deeper, Pham also notes that this move is a clear indicator that standard car manufacturing and sales simply aren't enough to keep automakers insulated from the evolving transportation landscape. From the rise of global ride-hailing players like Grab, Lyft, Uber, and Didi Chuxing to tech interlopers such as Google invading this once protected space via self-driving research and development, automakers simply can't rely upon traditional sales to keep their business afloat in the future, even if they wanted to (which they don't).
Put all of this together and what do you get? Whether we want to admit it or not, every day, the automotive industry moves closer and closer toward a future that looks nothing like its past.
Want to learn even more about Toyota's foray into the world of ride-hailing services and how it serves as yet another indicator that this automaker (along with many others) is prepared to evolve and leave behind the status quo in order to better suit the changing demands of the modern consumer? Then be sure to check out the complete story from Pham on the other side of the link below.