Hyundai Motor Corp. has confirmed an additional investment of $250 million into Grab Holdings Inc. along with the sale of a fleet of its electric vehicles to the Singapore based ride-hailing company as the automaker expands in mobility services.
The collaboration between the two companies will help the automaker start EV pilot projects in Singapore next year in order to collect consumer and driving data from the vehicles, Hyundai Motor Group Chief Innovation Officer Youngcho Chi said in an interview.
Apart from Singapore, the South Korean auto giant is also aiming at an expansion of this EV mobility service into other Southeast Asian countries such as Vietnam and Thailand, Chi said. These Southeast Asian countries are currently dominated by leading Japanese brands, accounting for a majority of the region’s auto sales.
In the current scenario, Hyundai is aiming at bolstering its presence in the mobile arena with the help of electrified-vehicle services. This is evident from its investment in Indian car-sharing company Revv and plans to offer 200 Hyundai EV models to Grab in Singapore from 2019.
The duo is currently in talks over the number of EVs that Grab will have from Hyundai, Grab President Ming Maa said in an interview. Grab’s objective is to “deploy at scale,” Maa said