Hyundai Motor Group agreed to invest an additional $250 million into Grab Holdings Inc. and sell a fleet of electric vehicles to the Singapore-based ride-hailing company as the automaker expands in mobility services.
Under a broadened strategic partnership between the two companies, Hyundai will start EV pilot projects with Grab in Singapore next year and collect consumer and driving data from the vehicles, Hyundai Motor Group Chief Innovation Officer Youngcho Chi said in an interview. The South Korean company is actively considering an expansion of this EV mobility service into other Southeast Asian countries such as Vietnam and Thailand, Chi said.
