Published: Fri, January 12, 2018
Business | By Tara Barton

Hyundai invests in ride-hailing firm Grab

Hyundai invests in ride-hailing firm Grab

Hyundai Motor is joining hands with Southeast Asian ride-hailing service Grab to break into one of the world's fastest-growing markets.

"Grab's expertise in the Southeast Asian market coupled with Hyundai's eco-vehicle leadership will bring innovative services to customers".

"As we move into the next stage of Grab's growth, we look forward to collaborating closely with Hyundai to continue innovating new mobility solutions for Southeast Asia", said Grab's Co=-Founder and CEO, Anthony Tan. It doesn't mention self-driving vehicles specifically amid the long list of buzzwords, but Hyundai is exploring autonomous vehicle technology through a partnership with Volkswagen Group and Aurora Innovation Inc. announced last week.

Hyundai shares ended the overnight Asian session lower, as the South Korean vehicle maker announced a partnership with on demand transport firm, Grab.

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Grab's Series G financing marks the company's latest and largest fundraising round and significant investors including Didi Chuxing, SoftBank and Toyota Tsusho have participated in the funding together with Hyundai. They did not disclose the value of Hyundai's investment. That will feature the IONIQ Electric, the model which Hyundai used as part of WaiveCar's car-sharing platform in Los Angeles.

While not forthcoming on the size of the investment, Grab said it plans to work with Hyundai on a number of initiatives that will include a new service based around its electric vehicles.

Hyundai Motor vice chairman Chung Eui-sun said on Wednesday it is considering building a auto plant in Southeast Asia, possibly in Indonesia or Vietnam.

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. The Grab app has been downloaded onto over 77m mobile devices, giving passengers access to the region's largest land transportation fleet comprising over 2.3m drivers.

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