The Hyundai Motor Group venturing into the shared mobility business in collaboration with Ola in India this year. Euisun Chung, Executive Vice Chairman (EVC), Hyundai Motor Group announced the company's foray into new business operations, technologies and mobility solutions globally at the recent new year's address at the company's headquarters in Seoul, South Korea. While the highlight was the brand's promise to introduce 44 new electrified vehicles across the globe by 2025, it also made several strategic announcements regarding future operations.
"In the rapidly expanding mobility services industry, including ride-sharing and hailing, we will establish overseas corporations in major regions such as the U.S., Europe and Asia, begin business operations in full swing this year, and expand them gradually," said the EVC.
Hyundai Group announced its investment into Ola in March last year in a strategic partnership between Hyundai Motor Company, Ola and Kia Motors Corporation with an investment of $300 million. According to a statement from the automaker, the partnership will see the three companies collaborate on unique fleet and mobility solutions, build India-specific electric vehicles and infrastructure, as well as nurture the best-in-class opportunities and offerings for aspiring driver-partners on the Ola platform.
The collaboration will also see the automaker operate and manage fleet vehicles, while also offering Ola drivers financial services, including lease and instalment payments, as well as vehicle maintenance and repair services. Last year, Hyundai Motor India also repositioned itself as a 'Smart Mobility Solutions Provider' in place of a 'car manufacturer', as the partnership will elevate the entire mobility chain right from production to shared mobility services.
In addition, Hyundai also plans to enter the segment in South East Asia and offer EV car-hailing services by expanding the supply to the region's largest car-hailing service - Grab. The automaker had supplied 200 units of the Hyundai Kona electric SUV to the Grab las year for operations Singapore, while it plans to expand to other South-East Asian countries including Indonesia in 2020.
EVC Chung also announced it will enter the car-sharing business in Los Angeles, US, this year through its mobility service company MoceanLab. It will allow people to freely rent and return cars in the city, expanding from its current presence in major cities of Russia. The vehicle subscription service was first unveiled in Moscow last year.