Hyundai and Kia invest $250m in car-sharing Grab for EV adoption
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.
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