Grab to Deploy Over 1,000 BYD EVs in Indonesia Expanding Electric Fleet

Grab Holdings, a Southeast Asian ride-hailing company, plans to expand its electric vehicle fleet by adding over 1,000 EVs from Chinese automaker BYD Co, mirroring a similar move by Uber Technologies. Grab's fleet will grow to over 11,000 EVs, with a focus on the BYD M6, as part of its commitment to sustainable transportation. This move aligns with Indonesia's shift away from Japanese automakers' dominance and BYD's plans to manufacture in the country. Grab's Q2 2024 revenue increased by 17%, and it continues to pursue growth initiatives such as AI integration and restaurant booking acquisitions.

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URL: https://www.grab.com/sg/press/others/grab-go-public-in-partnership-with-altimeter/

Grab Holdings, the leading superapp in Southeast Asia, recently announced its plans to go public in the United States through a partnership with Altimeter Growth Corp. (AGC) [1]. This landmark transaction is expected to be the largest-ever U.S. equity offering by a Southeast Asian company, with a pro-forma equity value of approximately $39.6 billion and potential cash proceeds of around $4.5 billion [1].

The company's extensive services encompass mobility, deliveries, financial services, and more, catering to everyday needs and entrepreneurs in the region [1]. In line with its commitment to sustainability, Grab is expanding its electric vehicle (EV) fleet by adding over 1,000 EVs from Chinese automaker BYD Co [2]. This move mirrors a similar strategy adopted by Uber Technologies [2].

With a focus on the BYD M6, Grab's EV fleet is set to grow to over 11,000 vehicles [2]. This expansion aligns with Indonesia's shift away from Japanese automakers' dominance and BYD's plans to manufacture in the country [2]. In Q2 2024, Grab reported a 17% increase in revenue, reflecting its ongoing business momentum [2].

Aside from its EV expansion, Grab continues to pursue growth initiatives such as AI integration and restaurant booking acquisitions [1]. Notably, GrabForGood, a recently announced fund, will receive 10% of Altimeter's sponsor promote shares, totaling approximately $450 million, to support programs with long-term social and environmental impact [1].