Grab Holdings (NASDAQ:GRAB) collaborated with four autonomous technology companies from China, the U.S., and South Korea to explore self-driving solutions for its mobility and delivery services across Southeast Asia.
The Singapore ride-hailing company inked a memorandum of understanding with China's WeRide Inc (NASDAQ:WRD) and Zelos, Boston's Motional, and South Korea's Autonomous A2Z.
Grab said it would assess various delivery and mobility services technologies, such as shuttles, buses, and cars.
Co-founder and CEO Anthony Tan noted autonomous vehicle technology's impact on Southeast Asia's transportation landscape remains largely unexplored.
Grab Holdings reported fourth-quarter fiscal 2024 revenue growth of 17% to $764.00 million, beating the consensus of $757.61 million.
EPS of $0.01 beat the consensus loss of $(0.01).
Grab projected fiscal 2025 revenue of $3.33 billion–$3.40 billion versus a consensus of $3.398 billion, implying caution around a Southeast Asian ride-hailing and food delivery market.
According to CIC, the global autonomous driving market could grow at an 80% compound annual growth rate from $93 billion in 2025 to $1.745 trillion by 2030. For China, the market could grow at 85% CAGR, reaching $639 billion by 2030.
Price Action: GRAB stock is down 9.48% at $4.15 at the last check on Monday.
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