Grab Holdings Limited (NASDAQ:GRAB) proposes to add over 1,000 electric vehicles to its Indonesian fleet, mostly procured from Chinese automaker BYD Co (OTC:BYDDF) (OTC:BYDDY).
The new EVs will add to the company's existing fleet of more than 10,000 two- and four-wheel electric vehicles, Nikkei Asia reports.
Uber Technologies, Inc's (NYSE:UBER) Singapore rival had announced plans to introduce more environmentally friendly cars, including BYD's M6 multipurpose vehicle, for its ride-hailing service in 2024.
In July, Uber and BYD forged a multi-year deal to add 100,000 BYD EVs to Uber's platform. Recently, Uber chief Dara Khosrowshahi visited BYD Co's headquarters in China.
Indonesia has long been dominated by Japanese automakers, with a more than 90% market share. BYD is preparing to make cars in Indonesia as well.
Grab reported a 17% increase in topline revenue to $664 million in the fiscal second quarter of 2024, and mobility revenue grew by 19% to $247 million. Group monthly transacting users (MTUs) grew by 17% year-on-year to 40.9 million.
Grab Holdings has been aggressively chasing initiatives to drive growth, including collaborating with ChatGPT parent OpenAI to integrate generative AI into its app to enhance navigation for visually impaired and elderly users. Grab also expanded into restaurant booking by acquiring Chope.
The $13 billion Grab Holdings stock lost 15% in the last 12 months. Uber, which has a market cap of $150 billion, gained over 58%.
Price Action: GRAB stock traded lower by 0.78% at $3.19 at the last check on Thursday.
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