Grab, Uber's rival in Southeast Asia, pulls in strategic investment from Hyundai

Grab, Uber's rival in Southeast Asia, pulls in strategic investment from Hyundai

The Hyundai Motor Company, a reputed automotive firm headquartered in South Korea, has reportedly made huge investments in Grab, a Singapore-based firm offering car-sharing services to a dedicated consumer base.

Hyundai and ride-sharing company Grab have announced a strategic partnership that will expand the South Korean automaker's innovative future mobility services in Southeast Asia.

Besides offering ride-hailing services and possibly a car-sharing programme in future through the Hyundai partnership, Grab has also partnered with self-driving startup nuTonomy in a driverless auto trial in Singapore.

Hyundai Motor said on January 11 it has invested in the Southeast Asian ride-hailing firm Grab for a possible business partnership.

"We are pleased to welcome Hyundai to our global network of strategic partners, and we are confident that we have an alliance of strong partners to push forward into Grab's next phase of long-term growth".

Hyundai's intent may also be related to promoting the brand in Southeast Asia.

According to the release, the deal is part of Hyundai's "efforts to transform people's lives with disruptive technologies and services that materialize its visions for future mobility - clean, connected and freedom in mobility". The key officials of both the firms have stated that they will work together on a mobility service platform that uses Hyundai vehicle models such as Ioniq Electric.

Under the partnership with Hyundai, Grab has raised more than $2.5 billion in its latest round of fundraising, which also includes Didi Chuxing, Softbank and Toyota Tsusho.

The carmaker didn't provide the exact value of its investment in the Southeast Asian rival to Uber Technologies.

The automaker does not have a vehicle manufacturing factory in Southeast Asia, although it has some pure assembly operations in Indonesia and Vietnam where cars are made from "knock-down" kits comprised of major component groups.

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