At the time of the announcement, Hyundai said it wanted to explore new opportunities in the sharing economy with Grab and enhance its capability to lead future mobility in South East Asia, as well as explore ways to develop and provide innovative services to SEA customers, including a new mobility service platform that will utilise its eco-friendly models such as the IONIQ Electric.
Now, the South Korean automotive giant has announced that part of the agreement will see it investing an additional US$250 million into Grab, to bring the ride-sharing company’s latest financing round to US$2.7 billion, and establish a partnership to pilot electric vehicle (EV) programs across SEA. It did not reveal the amount it invested in Grab in January.
Both parties will also work to bring together stakeholders from the EV industry to collaborate on projects to improve EV adoption and awareness in the region. The projects will focus on utilising EVs to maximise cost efficiencies for Grab’s driver-partners like the building of a network of quick-charge stations, developing customised maintenance packages to Grab EV drivers and conducting research into how EVs can be most efficiently deployed in SEA under hot and humid climate conditions.
“As home to one of the world’s fastest-growing consumer hubs, SEA is a huge emerging market for EVs,” said Dr. Youngcho Chi, chief innovation officer and head of strategy & technology division at Hyundai.
“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 SEA.”