Hyundai Motor invests in ride-hailing firm Grab

13 January, 2018, 16:18 | Author: Sherman Richardson
  • Hyundai’s first direct investment in a ride-hailing firm gives it a “foothold” in the world’s third-biggest ride-hailing market after China and US

South Korean carmaker Hyundai Motor Company is the latest to jump into the ride-hailing market through an investment and strategic agreement with Singapore-based Grab Taxi Holdings Pte. Ltd. The key officials of both the firms have stated that they will work together on a mobility service platform that uses Hyundai vehicle models such as Ioniq Electric. Young Cho Chi, chief innovation officer and head of Strategy & Technology Division at Hyundai.

Grab has expanded to eight Southeast Asian countries and has said it is the biggest operator in the region's third-party taxi hailing and private-vehicle hailing sector. "We will continue expanding collaboration with leading mobility service providers in the world". Firms such as Hyundai have apparently joined the likes of Softbank, Toyota Tsusho, and Didi Chuxing that had also invested in the current fundraising move by Grab.

Hyundai Motor vice chairman Chung Eui-sun said on Wednesday it is considering building a vehicle plant in Southeast Asia, possibly in Indonesia or Vietnam.

Hyundai also has services operational in the Netherlands and Austria, but a partnership with Grab - which claims 2.3 million drivers and 77 million consumer app downloads - would represent its most significant consumer exposure to date.

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As per reliable sources, earlier in January 2017, Hyundai had entered into collaboration with WaiveCar for introducing electric vehicle auto sharing activities financed via advertisements.

The South Korean auto maker is already dabbling in car-sharing on its own in the US, Netherlands and Austria, where its Ioniq electric vehicles are available for rent in major cities such as Amsterdam and Vienna. Grab now delivers 3.5 million daily rides, has 2.3 million drivers and offers services that include private vehicle, motorbike, taxi and carpooling services across 168 cities.

Uber doesn't provide comparative figures for its business in Southeast Asia, but Grab appears - at this point - to be ahead in a region that is widely seen as nascent but with growth potential.

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