Published: Sat, January 13, 2018
Finance | By Loren Pratt

Hyundai Motors funds Grab to explore new business growth avenues

Hyundai Motors funds Grab to explore new business growth avenues

Hyundai Motor and Grab, an on-demand transportation and mobile payments platform in Southeast Asia, have announced a strategic partnership that will expand Hyundai's 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 vehicle 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.

The South Korean company said Thursday that is partnering with the Singapore-headquartered company to explore joint use of Hyundai's Ioniq electric cars, among others, to develop ride-hailing or other services. Young Cho Chi, chief innovation officer and head of Strategy & Technology Division at Hyundai. That means Grab could possibly tap into whatever that partnership delivers. Firms such as Hyundai have apparently joined the likes of Softbank, Toyota Tsusho, and Didi Chuxing that had also invested in the current fundraising move by Grab. That will feature the IONIQ Electric, the model which Hyundai used as part of WaiveCar's car-sharing platform in Los Angeles. Ioniq is the world's first model that offers three electrified powertrain-hybrid, plug-in hybrid and pure battery electric - in a single body type. Grab now delivers 3.5 million daily rides, has 2.3 million drivers and offers services that include private auto, motorbike, taxi and carpooling services across 168 cities.

This latest round of investment by industry bigwigs should bolster Grab's position in Southeast Asia where it competes with key rivals such as the embattled Uber in markets like Singapore and Malaysia, as well as Go-Jek in Indonesia.

Like this: