Hyundai makes strategic investment in Southeast Asia's ride-hailing service provider

Lim Chang-won Reporter Posted : 2018-01-11 16:49 Updated : 2018-01-11 16:49
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[AP/Yonhap News Photo]

SEOUL, Jan. 11 (Aju News) -- Hyundai Motor has made a strategic investment in Grab, a Singapore-based ride-hailing firm, that paved way for the South Korean carmaker to provide eco-friendly and other vehicles in Southeast Asia.

The investment was used to acquire a stake in Grab, Hyundai said without disclosing financial terms. Grab offers ride-hailing and logistics services through its app in Singapore and neighboring Southeast Asian nations.

Along with joint marketing, Hyundai and Grab will cooperate in developing a new car-hailing platform using eco-friendly vehicles such as Ionic electric versions. Grab has also drawn other investors into its business.

Hyundai has unveiled Ioniq's hybrid, full electric and plug-in hybrid electric versions. Auto analysts say the Ioniq has a competitive edge in terms of styling over competitors such as GM's Chevrolet Volt and the new 2016 Toyota Prius.

Using Grab's network to collect information, Hyundai plans to improve and diversify mobility services in Southeast Asia, one of the world's fastest-growing mobility service markets.