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Manila Bulletin devider devider In a bet on EV mobility era, Hyundai puts $250 M in Grab

In a bet on EV mobility era, Hyundai puts $250 M in Grab

Published Nov 7, 2018 12:00 am
Hyundai Motor Group agreed to invest an additional $250 million into Grab Holdings, Inc. and sell a fleet of electric vehicles to the Singapore-based ride-hailing company as the automaker expands in mobility services.   An employee (right), talks to a customer in front of a display showing components of the Hyundai Motor Co. Ioniq electric vehicle at the Hyundai Motorstudio showroom in Hanam, South Korea. (Bloomberg file photo) An employee (right), talks to a customer in front of a display showing components of the Hyundai Motor Co. Ioniq electric vehicle at the Hyundai Motorstudio showroom in Hanam, South Korea. (Bloomberg file photo) Under a broadened strategic partnership between the two companies, Hyundai will start EV pilot projects with Grab in Singapore next year and collect consumer and driving data from the vehicles, Hyundai Motor Group Chief Innovation Officer Youngcho Chi said in an interview. The South Korean company is actively considering an expansion of this EV mobility service into other Southeast Asian countries such as Vietnam and Thailand, Chi said. Hyundai’s mobility strategy is a way for the automaker to gain greater exposure for its brand and extend its reach in Southeast Asia, a region where Japanese brands account for a majority of auto sales. Hyundai is bolstering its presence in the mobility battleground by targeting electrified-vehicle services -- it also invested in Indian car-sharing company Revv and plans to offer 200 Hyundai EV models to Grab in Singapore from 2019. For Grab, Southeast Asia’s largest cab-hailing company, Hyundai’s latest investment takes its total fundraising to $2.7 billion and places it on track to reach a targeted $3 billion by the end of this year. The Korean automaker first invested $25 million in Grab in January. The partnership marks the first time Grab is buying a fleet of EVs from an automaker, joining a similar move by Didi Chuxing and Uber. (Bloomberg)
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