Hyundai Motor Group said Tuesday it will invest $300 million in India’s largest ride-hailing platform Ola, its biggest investment so far.
Under the agreement, Hyundai Motor, Kia Motors and Ola will collaborate on developing fleet and mobility solutions, as well as building India-specific electric vehicles and infrastructure, the firm said.
Chung Eui-sun (right), executive vice chairman of Hyundai Motor Group, and Bhavish Aggarwal, co-founder and CEO of Ola (Hyundai Motor)
Through the partnership, Ola drivers will get various financial services, including lease and installment payments, while enhancing vehicle maintenance and repair services, according to the automaker.
“India is the centerpiece of Hyundai Motor Group’s strategy to gain leadership in the global mobility market and our partnership with Ola will certainly accelerate our efforts to transform into a smart mobility solutions provider,” said Chung Eui-sun, executive vice chairman of Hyundai Motor Group, during his meeting with the Indian counterparts last month, according to the company.
The three companies have also agreed to coordinate efforts to develop cars and specifications tailored to the ride-hailing market for both users and drivers. Data accumulated during service operations will allow the companies to make constant vehicle improvements to better meet local needs and specifications, the automaker said.
By Shin Ji-hye (email@example.com