Hyundai invests in Australian car sharing platform Car Next Door

Lim Chang-won Reporter Posted : 2018-07-04 10:44 Updated : 2018-07-04 10:44
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[Car Next Door]


SEOUL -- South Korea's leading Hyundai Motor made a strategic investment in Australia's car sharing platform "Car Next Door" to introduce a new concept mobility service using advanced information and communication technology.

Financial terms were not disclosed. Hyundai said it would cooperate with the Australian company to develop an application that connects vehicles and smartphones.

Car Next Door is a peer-to-peer car sharing platform to offset the cost of owning cars. The platform, launched in 2012 to connect car owners with trusted borrowers, now has more than 60,000 borrowers in Sydney and other cities.

To create a convenient vehicle sharing environment, Hyundai said its cars to be sold in Australia would be equipped with a system called "Phone Connectivity" to open doors and start vehicles with smartphones. Car owners could gain economic benefits by renting out cars in an easy and safe way.

The new service will be applied first to two models, i30 and Kona, which are popular in Australia.

Hyundai plans to unveil various mobility services in Southeast Asia, one of the world's fastest-growing mobility service markets. In January, it acquired a stake in Grab, which offers ride-hailing and logistics services through its app in Singapore.