Hyundai Motor will be investing another USD250 (SGD342 million) million into Grab, according to a press release.
The additional investment builds on Grab’s existing strategic partnership with Hyundai and brings Grab’s current fundraising to USD2.7 billion (SGD3.7 billion) raised.
The two companies will also establish a partnership to pilot electric vehicle (EV) programmes across Southeast Asia.
To start, Grab, Hyundai and Kia will launch a series of EV pilot projects in Southeast Asia starting with Singapore in 2019. The pilot projects will focus on utilising EVs to maximize cost efficiencies for Grab’s driver-partners.
The EV partnership will also explore the development of customised maintenance packages to Grab EV drivers. Research will also be conducted regarding how EVs can be most efficiently deployed in Southeast Asia under hot and humid climate conditions.
“As the largest fleet owner of EVs in Singapore, we are excited to establish an industry partnership with Hyundai Motor Group to drive EV adoption across Southeast Asia," said Ming Maa, President of Grab. "We both share a common vision on the electrification of mobility as one of the key foundations for building an environmentally sustainable and lowest-cost transportation platform."
“As home to one of the world’s fastest growing consumer hubs, Southeast Asia is a huge emerging market for EVs,” said Dr. Youngcho Chi, Hyundai Motor Group’s Chief Innovation Officer and head of Strategy & Technology Division.
“With its unparalleled footprint across the region, and an ever-expanding base of customers and merchants, Grab is an invaluable partner that will help accelerate the adoption of electric vehicles in Southeast Asia.”