The new EVs will add to the company’s existing fleet of more than 10,000 two- and four-wheel electric vehicles, Nikkei Asia reports.

Uber Technologies, Inc’s (NYSE:UBER) Singapore rival had announced plans to introduce more environmentally friendly cars, including BYD’s M6 multipurpose vehicle, for its ride-hailing service in 2024.

In July, Uber and BYD forged a multi-year deal to add 100,000 BYD EVs to Uber’s platform. Recently, Uber chief Dara Khosrowshahi visited BYD Co’s headquarters in China.

Indonesia has long been dominated by Japanese automakers, with a more than 90% market share. BYD is preparing to make cars in Indonesia as well.

Grab reported a 17% increase in topline revenue to $664 million in the fiscal second quarter of 2024, and mobility revenue grew by 19% to $247 million. Group monthly transacting users (MTUs) grew by 17% year-on-year to 40.9 million.

The $13 billion Grab Holdings stock lost 15% in the last 12 months. Uber, which has a market cap of $150 billion, gained over 58%.

Price Action: GRAB stock traded lower by 0.78% at $3.19 at the last check on Thursday.

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