Hyundai and Kia team up to invest US$250mn in Grab
May 20, 2020
Seoul-based automotive manufacturer Hyundai announced on 7 November that it has reached an agreement with fellow Korean firm Kia Motors to invest a joint US$250mn in tech platform Grab
The Singaporean firm offers ride-hailing, ridesharing and food delivery in a host of Southeast Asian countries including Singapore, Malaysia, Thailand, the Philippines, and more.
Grab dominates the market following its acquisition of Uber’s Southeast Asian business unit in March this year.
Hyundai and Kia’s investment will develop an electric vehicle partnership focused on increasing awareness and adoption of EVs and their benefits in the region.
The statement noted that Grab has raised around $2.7bn since it was founded in 2012.
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“As home to one of the world’s fastest growing consumer hubs, Southeast Asia is a huge emerging market for EVs,” said Dr Youngcho Chi, Hyundai’s Chief Innovation Officer and Head of its Strategy and Technology Division.
“With its unparalleled footprint across the region, and an ever-expanding base of customers and merchants, Grab is an invaluable partner that will help accelerate the adoption of electric vehicles in Southeast Asia.”
Grab, Hyundai, and Kia will launch a range of EV projects in in the region, opening with Singapore in 2019.
With the aim of increasing uptake of EVs amongst its driver base, Grab’s partners will be able to leverage reduced costs while uptake of EVs will minimize carbon emissions.