Grab Holdings said on Monday it will invest $60 million in Berlin-based remote driving company Vay Technology, marking its latest move to expand into autonomous and teleoperated vehicle services. The announcement sent Grab’s shares up more than 6% in premarket trading.
The Singaporean firm said the investment reflects its commitment to developing a hybrid mobility model that combines human drivers with autonomous and remote-driving technology. “The future of mobility in Southeast Asia will be a hybrid model that relies on the expertise of our driver-partners alongside autonomous vehicles and remote driving services,” Grab CEO Anthony Tan said in a statement.
See also: German Remote Driving Company Vay Expands Operations in Las Vegas
Grab said it plans to increase its investment by up to $350 million within the first year if Vay achieves agreed milestones. These include targets for U.S. market expansion, consumer revenue, regulatory approvals, and compliance with technology and safety standards. The deal is subject to regulatory approval and is expected to close by the end of the year.
Vay, which launched its first commercial service in Las Vegas in January 2024, enables vehicles to be remotely driven to customers by human “teledrivers,” after which users can take control and drive themselves. The company has yet to launch in its home market of Germany due to regulatory constraints but said Grab’s investment would help scale its U.S. operations and accelerate its global growth.
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Thomas von der Ohe, CEO of Vay, said in a LinkedIn post the deal could be followed by “an additional $350 million as joint milestones are achieved within the first year.” He added that the partnership will support Vay’s efforts to expand its remote driving services across multiple U.S. cities and strengthen its regulatory compliance framework.
