Mexican Media Brands
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
Share
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
-
Bolt EV: Like a Hammer Through a Screen
Some of you may remember the Apple “1984” commercial that ran on January 22, 1984, the ad that announced the Macintosh to the world.
-
On Ford Maverick, Toyota Tundra Hybrid, and GM's Factory Footprint
GM is transforming its approach to the auto market—and its factories. Ford builds a small truck for the urban market. Toyota builds a full-size pickup and uses a hybrid instead of a diesel. And Faurecia thinks that hydrogen is where the industry is going.
-
Frito-Lay, Transportation and the Environment
Addressing greenhouse gas reduction in the snack food supply chain
