Hyundai, Kia investing $250 mil. in Grab partnership for EV use in SE Asia
SINGAPORE, NNA – South Korean automakers Hyundai Motor Co. and Kia Motors Corp. will invest $250 million more in a project with Singapore-based ride-hailing platform Grab Holdings Inc., to promote the use of electric vehicles across Southeast Asia.
The three firms will launch a series of EV pilot projects in the region starting with Singapore in 2019, using EVs to maximize cost efficiencies for Grab’s driver partners, while working with the public and private sectors to improve EV infrastructure, including charging stations.
The additional investment builds on Grab’s existing strategic partnership with Hyundai and brings the fundraising to $2.7 billion, according to Grab.
Investors in the project include Booking Holdings Inc., Microsoft Corp., and Toyota Motor Corp.