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Hyundai Motors funds Grab to explore new business growth avenues

12 January 2018

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.

Grab, which account for 75 percent of Southeast Asia's car-hailing service markets, strives to cement its regional dominance vis-a-vis Uber by further expanding its services in Southeast Asia, the third-biggest mobility service market after China and the United States.

The strategic partnership will help Hyundai explore new opportunities in the sharing economy and enhance its capability to lead future mobility in one of the world's fastest-growing markets, Southeast Asia.

"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.

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Hyundai's interest in Southeast Asia has grown since South Korean companies were targeted previous year in a Chinese backlash over Seoul's decision to deploy a US missile defence system against Beijing's objections.

Focusing on its "open innovation" spirit, Hyundai has been bolstering its efforts to transform people's lives with disruptive technologies and services that materialise its visions for future mobility - clean, connected and freedom in mobility. 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.

Under the partnership with Hyundai, Grab has raised more than $2.5 billion in its latest round of fundraising, which also includes Didi Chuxing, Softbank and Toyota Tsusho. That will feature the IONIQ Electric, the model which Hyundai used as part of WaiveCar's car-sharing platform in Los Angeles. They did not disclose the value of Hyundai's investment. With the former operating its vehicle sharing business across eight Southeast Asian regions, it is anticipated that the decision to form a partnership will benefit both the firms.

As per reliable sources, earlier in January 2017, Hyundai had entered into collaboration with WaiveCar for introducing electric vehicle auto sharing activities financed via advertisements.

Hyundai Motors funds Grab to explore new business growth avenues