Hyundai Hikes Investment in Grab, Plans EV Fleet
Hyundai Motor Co. is investing an additional $250 million into ride-share service Grab Taxi Holdings Pte Ltd. and will launch an electric-car test with the company in Singapore next year.
#hybrid
Hyundai Motor Co. and its Kia Motors affiliate are investing an additional $250 million into ride-share service Grab Taxi Holdings Pte Ltd. and will launch an electric-car test with the company in Singapore next year.
Hyundai will contribute $175 million of the investment, and Kia will provide $75 million, according to The Nikkei.
Hyundai acquired a $25 million stake in the 6-year-old company in January. Its latest investment raises Grab’s total funding to $2.7 billion and widens the partnership between the two companies. Grab hopes to reach $3 billion in funding by year-end.
Youngcho Chi, Hyundai’s chief innovation officer, tells Bloomberg News the fleet of as many as 200 EVs will be used to collect consumer usage and vehicle operation data. Rivals DiDi Chuxing and Uber have taken similar steps previously to deploy EVs.
Hyundai has eschewed piston-powered vehicles for all-electric powertrains in vehicles it is promoting for mobility services. The carmaker plans to launch its own car-sharing service in 2019.
RELATED CONTENT
-
On Automotive: An All Electric Edition
A look at electric vehicle-related developments, from new products to recycling old batteries.
-
Engineering the 2019 Jeep Cherokee
The Jeep Cherokee, which was launched in its current manifestation as a model year 2014 vehicle, and which has just undergone a major refresh for MY 2019, is nothing if not a solid success.
-
Jeeps Modified for Moab
On Easter morning in Moab, Utah, when the population of that exceedingly-hard-to-get-to town in one of the most beautiful settings on Earth has more than doubled, some people won’t be hunting for Easter eggs, but will be trying to get a good look at one of the vehicles six that Jeep has prepared for real-life, fast-feedback from the assembled at the annual Easter Jeep Safari.