The additional investment puts the South Korean car group’s investment in car-sharing company Grab in Southeast Asia to $275 million.
Hyundai and Kia will invest $250 million into car sharing company Grab, aiming to push the adoption of electric vehicles (EVs) in Southeast Asia.
The funding follows Hyundai’s $25 million investment in the firm, announced in January.
The three companies will launch a series of EV pilot projects in 2019, starting with Singapore. The EVs will be used by Grab’s drivers.
The companies will also work to improve EV infrastructure, such as building more charging stations, as well as conducting research into how the cars can be deployed efficiently in hot and humid climates.
The three will also explore ways to optimise EVs for mobile.
Hyundai is keen to expand in the mobility business. In July, it invested an undisclosed sum into Chinese e-scooter maker Immotor.
The South Korean car group is also collaborating with Cisco to deploy connected cars in 2019.
Grab has now raised $2.7 billion inlcuding the latest investment by Hyundai in its current fundraising round. Other backers include Microsoft, Toyota, Booking Holdings, Oppenheimer Funds, Goldman Sachs, and Citi.
The company partnered with Singapore’s energy utilities provider SP Group to use the latter’s charging stations in August.
Hyundai invests in Allegro.ai to bring deep learning to our cars
The startup is researching ways for vehicle vision to tackle real-world problems.
Hyundai invests in Chinese e-scooter maker Immotor
Global car giant Hyundai Motor has invested an undisclosed sum into Chinese e-scooter maker Immotor to collaborate on person mobility businesses.
Hyundai Pay to expand Hdac blockchain services
Hyundai Pay will expand its Hdac blockchain services to smart home and online-to-offline areas.
SK Telecom, Hyundai use smart energy solution to save factory costs
SK Telecom has applied its smart energy and IoT solutions at Hyundai Motor’s factory in Ulsan that produces 6,000 cars per day, and will save the car maker $2 million in energy costs per year.
Cisco is investing $1M in Adelaide, AU to reduce traffic congestion and pave a path for autonomous vehicles (TechRepublic)
The city of Adelaide is in the midst of a smart city pilot program with Cisco that is intended to cut down on traffic delays through the use of tailored algorithms.
