Hyundai increases its investments in Grab for electric mobility
Hyundai Motor has decided to invest another 250 million dollars in Grab, to which it will also sell a fleet of electric vehicles.
As part of a broader strategic partnership between the two companies, Hyundai will launch a pilot project of electric vehicles offered to consumers (in a ride-hailing mode with Grab in Singapore next year) and collect consumer data and vehicles, for a possible future expansion of the service in other countries of Southeast Asia such as Vietnam and Thailand.
The partnership will also work with regional stakeholders, including governments and local mobility actors to improve the EV infrastructure in the region, such as building a network of fast-charging stations and exploring how to develop customized maintenance packages for the drivers of Grab's electric vehicles, conducting research on the way in which the EV can be used more efficiently in Southeast Asia in hot and humid climatic conditions.
For Grab, which for the first time will buy a fleet of electric vehicles from a car company, Hyundai's new investment brings the total fund-raising to 2.7 billion dollars and puts it on the right track to reach the 3 billion expected within the end of this year.
Hyundai had initially invested 25 million dollars in Grab in January this year.