South Korean automaker Hyundai Motor Company has partnered ride-hailing app Grab to expand Hyundai’s mobility services in Southeast Asia. The strategic partnership will help Hyundai explore new opportunities in the sharing economy and enhance its capability to lead future mobility in one of the world’s fastest-growing markets, Southeast Asia.
The two companies will jointly explore ways to develop and provide innovative services to Southeast Asian customers, including a new mobility service platform that will utilize Hyundai’s eco-friendly models such as the IONIQ Electric.
“Hyundai’s strategic investment in Grab marks the beginning of an exciting new partnership between the two parties, bringing Hyundai one step closer to realising its vision for future mobility. Grab’s expertise in the Southeast Asian market coupled with Hyundai’s eco-vehicle leadership will bring innovative services to customers,’’ said Young Cho Chi, chief innovation officer and head of strategy and technology division, which was established last year to spearhead Hyundai’s future innovation.
Grab’s Series G financing marks the company’s latest and largest fundraising round and significant investors including Didi Chuxing, SoftBank and Toyota Tsusho have participated in the funding together with Hyundai.
“As we move into the next stage of Grab’s growth, we look forward to collaborating closely with Hyundai to continue innovating new mobility solutions for Southeast Asia. We are pleased to welcome Hyundai to our global network of strategic partners, and we are confident that we have an alliance of strong partners to push forward into Grab’s next phase of long-term growth,” said Anthony Tan, group CEO and Co-founder of Grab.
Partnering with WaiveCar, Hyundai in January 2017 launched a car-sharing program that runs on advertising money, using IONIQ Electric model in the US. In October, Hyundai opened its first company-operated electric car sharing service in metropolitan Amsterdam, Netherlands and later in November handed over the first fleet of IONIQ hybrid models for the new Stadtauto (meaning ‘city car’) car sharing service in Vienna, Austria. IONIQ is the world’s first model that offers three electrified powertrain-hybrid, plug-in hybrid and pure battery electric – in a single body type.