Hyundai and Kia to invest combined $250mn in Grab to increase EV implementation
The automotive manufacturers Hyundai and Kia are set to invest a total of $250mn in car sharing firm, Grab, in a bid to accelerate the adoption of electric vehicles (EVs) in Southeast Asia, ZDNet reports.
With Hyundai investing $175mn and Kia funding $75mn, the announcement is set to see the companies work with Grab to maximise cost efficiencies for Grab’s drivers.
It is also anticipated that the agreement will see work made to enhance EV infrastructure, in addition to research conducted to how cars can be utilised effectively in hot climates.
According to Nikkei Asian Review, Chi Young-cho, Hyundai’s chief innovation officer, said: “As home to one of the world's fastest growing consumer hubs, Southeast Asia is a huge emerging market for EVs.”
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“With its unparalleled footprint across the region, and an ever-expanding base of customers and merchants, Grab is an invaluable partner that will help accelerate the adoption of electric vehicles in Southeast Asia.”
The test projects are expected to begin in Singapore in 2019.
The news follows January’s announcement that Hyundai would invest $25mn investment in the company and is seen as a significant increase in its commitment to EVs with a total of $275mn now reached.