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April 26, 2018

Hyundai invests in ride-hailing firm Grab

PUBLISHED : January 11, 2018 - 10:37

UPDATED : January 11, 2018 - 10:37

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[THE INVESTOR] Hyundai Motor said on Jan. 11 it has invested in the Southeast Asian ride-hailing firm Grab for a possible business partnership.

Hyundai reportedly invested tens of billions of won to acquire a stake in Grab so it could get the opportunity to provide vehicles to the Singapore-headquartered company’s car-hailing services.

The carmaker didn’t provide the exact value of its investment in the Southeast Asian rival to Uber Technologies.

Grab, which account for 75 percent of Southeast Asia’s car-hailing service markets, strives to cement its regional dominance vis-a-vis Uber by further expanding its services in Southeast Asia, the third-biggest mobility service market after China and the United States.

By Alex Lee and newswires (alexlee@heraldcorp.com)

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