Hyundai Partners With Indian Ride-Hailing Service
Hyundai Group is investing $300M in an Indian ride-hailing platform with a view to co-developing cars and infrastructure for the country’s mobility sector.
The group says the funding for Ola Cabs is its Hyundai and Kia brands’ “biggest combined investment to date” and forms part of its efforts to become a mobility provider. A statement said Hyundai, Kia, and Ola would manufacture “India-specific electric vehicles and infrastructure” together and co-develop “unique fleet and mobility solutions”.
It claimed the strategic partnership would be Hyundai Group’s first fleet management venture and would “develop cars and specifications” targeting the ride-hailing sector. “Improvements” to these vehicles would be made using data from Ola journeys. Ola CEO Bhavish Aggarwal said he was “very excited” by the move, claiming it would “significantly benefit driver-partners on our platform, as we collaborate with Hyundai to build vehicles and solutions that enable sustainable earnings for millions of them”.
Hyundai Group executive vice-chairman Euisun Chung said “India is the centerpiece of Hyundai Motor Group’s strategy to gain leadership in the global mobility market”. In August, the Hyundai brand announced a strategic partnership with Indian autonomous vehicle ride-sharing service Revv.
