Hyundai Motor and Grab, a Southeast Asian Wheel Sharing Company, announced a deal on Wednesday (November 7th), in which Hyundai Motor and Kia Motors will invest an additional $ 250 million in Grab and will partner to test electric vehicle programs throughout the Southeast Asian region. Under the partnership, representatives of the Grab and Hyundai Motor subsidiaries from the EV industry will work together to improve EV deployment and awareness in South-East Asia, the companies said in a press release.
"As one of the world's fastest growing consumer centers, home to one of the world's fastest growing consumer centers, South East Asia is a huge fast-growing market for EVs," said Dr Youngcho Chi, Chief Innovation Leader and Head of Strategy and Technology at Hyundai Motor Group. "Grab is an invaluable partner that will help accelerate the adoption of electric vehicles in Southeast Asia, thanks to an unparalleled footprint across the region and an ever-growing base of customers and traders."
At the start of the partnership, Grab, Hyundai and Kia will launch a series of EV pilot projects in Southeast Asia, starting with Singapore in 2019. Pilot projects will focus on the use of EVs to reduce the costs of Grab Lead Partner. The group will also work with regional players, including governments and infrastructure companies, to improve the infrastructure of the Eu region, for example, the establishment of a fast-track charging network. The collaboration will also explore tailor-made maintenance packages for Grab EV drivers and will conduct research on how EVs can be deployed more effectively in South-East Asia in hot and humid climates.
"As Singapore's largest fleet owner is EVs, we are pleased to establish an industry partnership with the Hyundai Motor Group to favor the introduction of EVs across South-East Asia," Ginger President Ming Maa announced in the same press release. "We have a common vision of mobility electrification, as this is one of the key pillars for building an eco-friendly and low-cost transport platform."
Companies said they would also explore how to adapt electric vehicles to optimize their mobile service platforms. Grab already has a strategic partnership with Hyundai. The start-up funding has increased by $ 2.7 billion and will reach more than $ 3 billion by the end of this year. In January Hyundai first invested in Grab and two companies began to explore co-operation in the EV industry. Grab's latest initiative extends cooperation with the Korean Automobile Group, including Kia.