SEOUL • Hyundai Motor Group agreed to invest an additional US$250 million (RM1.04 billion) into Grab Holdings Inc and sell a fleet of electric vehicles (EVs) to the Singapore-based ride-hailing company as the automaker expands in mobility services.
Under a broadened strategic partnership between the two companies, Hyundai will start EV pilot projects with Grab in Singapore next year and collect consumer and driving data from the vehicles, Hyundai Motor Group chief innovation officer Youngcho Chi said in an interview.
The South Korean company is actively considering an expansion of this EV mobility service into other South-East Asian countries such as Vietnam and Thailand, Chi said.
For Grab, South-East Asia’s largest cab-hailing company, the latest investment by Hyundai Motor Group takes its total fundraising to US$2.7 billion and places it on track to reach a targeted US$3 billion by the end of this year. The Korean automaker first invested US$25 million in Grab in January.
The partnership marks the first time Grab is buying a fleet of EVs from an automaker, joining a similar move by Didi Chuxing and Uber.
The two companies are in talks over the number of EVs Grab will buy from Hyundai, Grab president Ming Maa said in an interview. Grab’s objective is to “deploy at scale”, Maa said.