Hyundai Motor Company and Kia Motors Corporation will invest an additional $250 million into Grab, Singapore-based ride-hailing company and establish a partnership to pilot electric vehicle programs across Southeast Asia. To start, Grab Hyundai and Kia will launch a series of electric vehicle pilot project in Southeast Asia, starting with Singapore in 2019. The project will focus on utilizing electric vehicles to maximize cost efficiencies for Grab’s driver partners. “As the largest fleet owner of EVs in Singapore, we are excited to establish an industry partnership with Hyundai Motor Group to drive EV adoption across Southeast Asia. We both share a common vision on the electrification of mobility as one of the key foundations for building an environmentally sustainable and lowest-cost transportation platform,” said Ming Maa, President of Grab.
The additional investment builds on Grab’s existing strategic partnership with Hyundai and brings Grab’s current fundraising to $2.7 billion raised. Grab is on track to raise over US$3 billion by the end of this year. Investors in Grab’s current financing round include Booking Holdings, Microsoft, Toyota, and world-leading financial institutions such as OppenheimerFunds, Goldman Sachs Investment Partners, and Citi Ventures.
Hyundai first invested in Grab in January, and the two companies began exploring collaborations in the electric vehicle sector. Grab’s latest initiative, which expands its cooperation with the Korean automotive group to include Kia, is a milestone in the company’s continuing efforts to promote the use of electric vehicles in Southeast Asia.
With a commitment to driving innovation that will enhance its foothold in the future mobility market, Hyundai and Kia have been making significant strategic investments in promising start-ups. From technologies such as autonomous driving and artificial intelligence, to ride-sharing and things in-between, Hyundai Motor Group is building a network of industry experts that will contribute to enhancing people’s lives through the development of innovative mobility services.