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Woman using the Grab app in Ho Chi Minh City, Vietnam. Photo: Godong/UIG via Getty Images

Toyota has agreed to invest $1 billion in Grab, the Southeast Asian ride-hailing giant that recently acquired Uber's local business, as part of an ongoing funding round. It invested at a $10 billion post-money valuation, a source tells Axios. Toyota will also get a board seat and the right to appoint someone to Grab's executive team.

Why it matters: Uber may have pulled out of the region, but there's still mounting competition between Grab and local player Go-Jek, which recently raised funding from Tencent, Temasek, and Alphabet, among others.

The story has been updated with the company's valuation.

Go deeper

Dave Lawler, author of World
8 mins ago - World

China's Xi Jinping congratulates Biden on election win

Photo: Paul J. Richards/AFP via Getty Images

Chinese President Xi Jinping sent a message to President-elect Biden on Wednesday to congratulate him on his election victory, according to the Xinhua state news agency.

Why it matters: China's foreign ministry offered Biden a belated, and tentative, congratulations on Nov. 13, but Xi had not personally acknowledged Biden's win. The leaders of Brazil, Mexico and Russia are among the very few leaders still declining to congratulate Biden.

This story is breaking news. Please check back for updates.

Kendall Baker, author of Sports
1 hour ago - Sports

College basketball is back

Illustration: Sarah Grillo/Axios

A new season of college basketball begins Wednesday, and the goal is clear: March Madness must be played.

Why it matters: On March 12, 2020, the lights went out on college basketball, depriving teams like Baylor (who won our tournament simulation), Dayton, San Diego State and Florida State of perhaps their best chance to win a national championship.

1 hour ago - World

Scoop: Israeli military prepares for possibility Trump will strike Iran

Defense Minister Benny Gantz attends a cabinet meeting. Photo: Abir Sultan/POOL/AFP via Getty

The Israel Defense Forces have in recent weeks been instructed to prepare for the possibility that the U.S. will conduct a military strike against Iran before President Trump leaves office, senior Israeli officials tell me.

Why it matters: The Israeli government instructed the IDF to undertake the preparations not because of any intelligence or assessment that Trump will order such a strike, but because senior Israeli officials anticipate “a very sensitive period” ahead of Biden's inauguration on Jan. 20.