Hyundai and Kia, two of South Korea's biggest car manufactures, recently stated that they will invest $250 million into Grab, the largest ride-hailing platform in Southeast Asia. This is apart of Hyundai's push to grow their mobility services businesses.
Hyundai and Kia joined the latest fundraising round by Grab, which took over Uber's car-hailing business and others in Southeast Asia earlier this year, deciding to invest 250 million dollars in the No. 1 online-to-offline mobile platform in the region.
Hyundai first invested in Grab in January, but the investment amount was not disclosed. The current financing round of Grab was attended by Microsoft, Toyota, Goldman Sachs Investment Partners and Citi Ventures.
The South Korean automakers and the Southeast Asian ride-hailing platform provider established a partnership to pilot electric vehicle (EV) projects across Southeast Asia.
As a first step of the EV partnership, which aims to improve EV adoption and awareness in Southeast Asia, Hyundai planned to supply about 200 EVs to enable Grab to launch the EV car-hailing services in Singapore in 2019.
"As home to one of the world's fastest growing consumer hubs, Southeast Asia is a huge emerging market for EVs," said Chi Youngcho, Hyundai Motor Group's chief innovation officer (CIO) and the head of the strategy & technology division that was launched last year to find new growth engine for the future.
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