Saturday , January 20 2018
You are here: Home / TECHNOLOGY / Hyundai Motor invests in ride-hailing firm Grab

Hyundai Motor invests in ride-hailing firm Grab

SEOUL: Hyundai Motor Co said on Jan 11 it had invested in Singapore-based ride-hailing firm Grab, in the South Korean automaker’s first foray into the rapidly growing sector as it tries to diversify following a sales slump in China.

Grab has expanded to eight South-East Asian countries and has said it is the biggest operator in the region’s third-party taxi hailing and private-vehicle hailing sector.

The companies will jointly develop services in South-East Asia, including one utilizing Hyundai’s eco-friendly models such as the IONIQ Electric, the two firms said in a statement.

They did not disclose the value of Hyundai’s investment and a spokeswoman for the automaker declined to comment further.

Hyundai said on Jan 10 it is considering building a car plant in South-East Asia, possibly in Indonesia or Vietnam.

The company’s interest in the region has grown since a diplomatic row between Beijing and Seoul last year hurt South Korean firms that are highly reliant on the Chinese market.

The automaker also announced for the first time a self-driving technology partnership with Silicon Valley startup Aurora earlier this month, a shift from its usual preference for developing technology itself. — Reuters/thestar.com.my

Comments are closed.

Scroll To Top