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Grab Holdings Ltd. announced plans to invest $60 million in remote driving company Vay Technology, a move that sent its shares soaring more than 6% in premarket trading. The Singapore-based ride-hailing giant aims to strengthen its foothold in the rapidly growing autonomous vehicle market, positioning itself for the future of mobility in Southeast Asia and beyond.
According to Grab CEO Anthony Tan, the company envisions a “hybrid model” that combines the skills of its driver-partners with advanced technologies like autonomous vehicles and remote driving systems. This strategy underscores Grab’s commitment to innovation while ensuring that human expertise remains central to its transportation network.
The agreement includes an additional $350 million investment if Vay meets specific milestones within the first year. These benchmarks include achieving consumer revenue targets, expanding coverage across U.S. cities, meeting stringent technology and safety standards, and securing regulatory approvals for new markets.
Vay Technology, known for its pioneering “teledriving” model, operates vehicles remotely through human drivers who steer cars to customers. Once the vehicle arrives, users can then take over and drive themselves. This blend of automation and human control aims to bridge the gap between conventional ride-hailing and fully autonomous transportation.
Vay launched its first commercial service in Las Vegas in early 2024, marking a significant step toward broader adoption of remote driving technology. With Grab’s financial backing, the company is expected to accelerate its U.S. expansion and enhance its operational capabilities.
Grab’s investment reflects a broader trend among mobility companies like Uber and Didi, which are exploring self-driving and remote-driving innovations to redefine urban transportation. As the global race toward autonomous mobility intensifies, Grab’s partnership with Vay positions it at the forefront of this transformation.
