South Korean automotive manufacturer Hyundai Motor, a unit of Hyundai Motor Group, and its subsidiary Kia Motors announced that they will invest $250 million in GrabTaxi Holdings, Singapore’s ride-hailing company, as the affiliates of Hyundai Motor Group, seek to expand mobility businesses.
Hyundai and Kia joined the latest fundraising round by Grab deciding to invest $250 million in it. Hyundai, Kia joined and Grab established a partnership to pilot electric vehicle (EV) projects across Southeast Asia.
As a first step of the EV partnership, which aims to improve EV adoption and awareness in Southeast Asia, Hyundai planned to supply about 200 EVs to enable Grab to launch the EV car-hailing services in Singapore in 2019.
Hyundai first invested in Grab in January, but the investment amount was not disclosed. Hyundai said that Grab is a partner that will help accelerate the adoption of electric vehicles in Southeast Asia.