Grab, Uber's rival in Southeast Asia, pulls in strategic investment from Hyundai

Grab, Uber's rival in Southeast Asia, pulls in strategic investment from Hyundai

Hyundai said on Thursday it had invested in Singapore-based ride-hailing firm Grab, in the South Korean automaker's first foray into the rapidly growing sector as it tries to diversify following a sales slump in China.

Hyundai and Grab said they would jointly develop services in Southeast Asia, including one utilising Hyundai's eco-friendly models such as the IONIQ Electric. It doesn't mention self-driving vehicles specifically amid the long list of buzzwords, but Hyundai is exploring autonomous vehicle technology through a partnership with Volkswagen Group and Aurora Innovation Inc. announced last week. Other investors in this Series G funding round - Grab's largest so far - include China's ride-hailing giant Didi Chuxing, SoftBank and Toyota Tsusho.

Hyundai also has services operational in the Netherlands and Austria, but a partnership with Grab - which claims 2.3 million drivers and 77 million consumer app downloads - would represent its most significant consumer exposure to date.

More news: Jennifer Lopez Returning to 'Will & Grace' to Play Two Different Roles
More news: Can Liverpool Halt City's Unbeaten Run?
More news: Arizona Congresswoman Martha McSally Enters Senate Race

The automaker does not have a vehicle manufacturing factory in Southeast Asia, although it has some pure assembly operations in Indonesia and Vietnam where cars are made from "knock-down" kits comprised of major component groups.

As per reliable sources, earlier in January 2017, Hyundai had entered into collaboration with WaiveCar for introducing electric vehicle auto sharing activities financed via advertisements. In October, Hyundai opened its first company-operated electric auto sharing service in metropolitan Amsterdam, Netherlands and later in November handed over the first fleet of Ioniq hybrid models for the new Stadtauto (meaning "city car") vehicle sharing service in Vienna, Austria. Grab now offers private vehicle, motorbike, taxi, and carpooling services across 8 countries and 168 cities in Southeast Asia.

Grab, which is Uber Technologies Inc.'s major rival in the region, continues to rise, with some reports suggesting it now holds a 75 percent market share.

Related Articles

  • Hard Brexit risks 92000 United Kingdom  science and technology jobs

    Hard Brexit risks 92000 United Kingdom science and technology jobs

    Brexit could cost the United Kingdom almost 500,000 jobs in a worst-case scenario, according to a study published yesterday which was commissioned by the mayor of London .
    Bitcoin Price Rises To $14300. Five Things To Know About The Cryptocurrency

    Bitcoin Price Rises To $14300. Five Things To Know About The Cryptocurrency

    For those new to cryptocurrency, here is a handy guide outlining the main differences between bitcoin and Ethereum . Several institutional investors are also taking short positions on bitcoin , signifying their bearish outlook.
    Scarlett Johansson's solo Black Widow film finally moving forward

    Scarlett Johansson's solo Black Widow film finally moving forward

    In the meantime, we can look forward to seeing Johansson in action again when Infinity War hits our screens on 27 April 2018. At the moment the project hasn't been officially greenlit, but this is a good development for the Black Widow movie.
  • Margot Robbie Thought Tonya Harding Was a Fictional Character

    Margot Robbie Thought Tonya Harding Was a Fictional Character

    During the two-hour special, Harding said she had done enough apologizing for what happened decades ago. Harding didn't deny the incident helped create more of a buzz around US women's figure skating.

    Pacers come from behind, defeat Cavaliers 97-95

    He comes from a big city (born and raised in L.A.) and plays in a big city ( Toronto is the NBA's fourth-largest media market). Forward Serge Ibaka will return for Toronto after serving a one-game suspension for fighting Miami's James Johnson.

    Skyworks Solutions (NASDAQ:SWKS) Upgraded to "Hold" by BidaskClub

    Also, it has an estimated price-earnings (P/E) multiple of 12.54 and a trailing 12-month price-earnings (P/E) multiple of 18.46. The market capitalization (Stock Price Multiply by Total Number of Outstanding Shares) for the company is reported at $7.61B.
  • Blow for Bayern as Lewandowski and Hummels ruled out of Leverkusen clash

    Blow for Bayern as Lewandowski and Hummels ruled out of Leverkusen clash

    Including recent friendlies during the break, Bayern have won 17 of their last 18 games in all competitions. Bayern look certain to win the league once again.
    Kerber claims Sydney title

    Kerber claims Sydney title

    Barty was seeking her second singles title after 2017 Kuala Lumpur, she still earned two places in the Rankings, up to No. In the men's final, Russian qualifier Daniil Medvedev beat 18-year-old Australian Alex de Minaur 1-6, 6-4, 7-5.

    Cabot Oil & Gas Corporation (NYSE:COG) Earnings Forecast In Focus

    Russell Lucas decreased its stake in Cabot Oil & Gas ( COG ) by 75.39% based on its latest 2017Q3 regulatory filing with the SEC. Currently, the stock carries a price to earnings ratio of 0, a price to book ratio of 0, and a price to sales ratio of 2.78.
  • Kim Kardashian Sides With Blac Chyna Over Messy Brother Rob Drama

    Kim Kardashian Sides With Blac Chyna Over Messy Brother Rob Drama

    HollywoodLifers , do you think Rob should have been a little calmer about the Chyna situation? Khloe said. You can catch brand new episodes Sunday and Monday night at 9 p.m.!
    Most Americans 'Don't Want' Oprah to Run for President

    Most Americans 'Don't Want' Oprah to Run for President

    Winfrey is favored over President Donald Trump , 48 percent to 38 percent , in a Rasmussen Reports poll released Wednesday. On Tuesday, two anonymous sources close to Ms Winfrey told CNN she is "actively thinking" about running for president.
    Lionel Messi is such a luxury, Jordi Alba reveals why

    Lionel Messi is such a luxury, Jordi Alba reveals why

    Alba did well down the left and put a low cross into the box which Suarez left for Messi to sweep home after 13 minutes. With new signing Philippe Coutinho watching on from the stands, Lionel Messi led the destruction of the Galician side.