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Robot drivers, coming to a Grab near you soon?
The ride-hailing firm recently released its full-year financial results for 2024 and also talked up its plans in the autonomous vehicles (AV) space. Grab seems to be all-in on AVs as well as AI and automation.
Some may have a knee-jerk reaction of skepticism about the safety of AVs. I can see why, but Grab’s bullish attitude could be a sign that this revolution is coming sooner rather than later.
Dive into today’s featured story for all the details.
Today we look at:
- Grab taking a peak into its crystal ball
- Indonesia launching its own Temasek-like investment arm
- Other newsy highlights such as crypto exchange Bybit’s post-hack recovery era and the sale of Olam Group’s stake in its agribusiness for US$1.78 billion
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Grab’s all-in on AVs, AI
Image credit: Timmy Loen
In its 2024 full-year results, Grab reported positive adjusted EBITDA for the first time.
In an earnings call, the ride-hailing giant’s leaders shared some details on how to keep the momentum going.
- Robots on deck: The company’s mobility business recorded a healthy increase in revenue and growth in adjusted earnings, but the big news was its plans for autonomous vehicles. CEO Anthony Tan said Grab was in talks with regulators and predicted the transition to AVs would begin with a “hybrid AV-human fleet.”
- AI focus: There are also big plans involving AI, which has already contributed to Grab’s advertising business via an AI chatbot that provides merchants with personalized recommendations on how to increase product sales. The company will roll out more personalized AI systems for its partners this year, Tan said.
- Finance in the red: Grab’s financial services business did enjoy a revenue bump in 2024 compared to the year prior. But it remains loss-making, which appears to be a concern for analysts. To that end, COO Alex Hungate said Grab’s financial services arm should be profitable by the second half of next year.
Read more: Grab’s future: AI, automation, and maybe no drivers?
Temasek, but make it Indonesian
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