A major new partnership aimed at driving the adoption of EVs in Southeast Asia has been announced. As part of the deal, Hyundai and Kia Motors are investing $250 million into the ride-hailing firm Grab. It’s the group’s biggest ever investment in an auto-tech company.
Under the EV partnership, Grab and the Hyundai Motor Group will collaborate on measures to improve EV adoption and awareness in Southeast Asia. They will launch a series of EV pilot projects in Southeast Asia starting with Singapore in 2019. They will also work together to improve EV infrastructure in the region, such as the building of a network of fast-charging stations.
We both share a common vision on the electrification of mobility as one of the key foundations for building an environmentally sustainable and lowest-cost transportation platform,” says Ming Maa, President of Grab.
Dr. Youngcho Chi, Hyundai Motor Group’s Chief Innovation Officer and head of Strategy & Technology Division adds: “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 Southeast Asia.”
To date, Grab has raised $2.7 billion in two rounds of funding. Other investors include Microsoft and Toyota. The Grab app has been downloaded onto over 125 million mobile devices. It’s completed over 2.5 billion rides since its founding in 2012.