Tuesday , March 2 2021

Hyundai, Kia invests an additional $ 250m in the Grab for EV propulsion plant in SEA

  • The latest investment receives a current funding of around US $ 2.7 billion
  • A series of EV Pilots will be launched in SEA, starting in Singapore 2019

The HYUNDAI Motor Group and Grab Holdings Inc (Grab) today announced an agreement by which the Hyundai Motor Company and Kia Motors Corporation will invest an additional $ 250 million in Grab and establish a partnership for Southeast Asia (SEA) Pilot Vehicles.

Under the EV partnership, the Grab and Hyundai Motor Group subsidiaries will gather EV industry stakeholders to co-operate on measures to improve the adoption and awareness of EV in SEA.

"Being home to one of the fastest growing consumer nodes in the world, SEA is a huge EV development market," said Youngcho Chi, chief innovation director at Hyundai Motor Group and head of the Department of Strategy and Technology. "With its unparalleled track across the region and expanding the base of retailers and retailers, Grab is an invaluable partner that will help accelerate the adoption of electric vehicles in Southeast Asia."

For starters, Grab, Hyundai and Kia will launch a series of EV Pilot Projects in SEA, starting with Singapore in 2019. The pilots will focus on using EV to increase cost-effectiveness for Grab's driver's partners.

Partnership will also work with regional stakeholders, including governments and infrastructure players, to improve EV infrastructure in the region, such as building a network of fast-track stations. EV Partnership will also explore the development of custom Grab EV driver maintenance packages and conduct research on how EVs can be effectively deployed in SEA under hot and humid climatic conditions.Hyundai, Kia invests an additional $ 250m in the Grab for EV propulsion plant in SEA

"As the biggest owner of the EV car fleet in Singapore, we are excited to establish an industrial partnership with the Hyundai Motor Group to launch EV sourcing in Southeast Asia, both sharing a common vision of mobilizing mobility as one of the key foundations for building an environmentally-friendly and high-quality transport platform" , said Ming Maa (Fig), President Grab.

Three companies will also explore how to customize EVs to optimize them for mobility platforms.

Additional investment is based on Grab's existing strategic partnership with Hyundai and brings Grab's fundraising to $ 2.7 billion (11.25 billion RMD). Grab is on its way to raising over $ 3 billion by the end of this year. Investors in the current Grab's financing circle include Booking Holdings, Microsoft, Toyota and global financial institutions such as OppenheimerFunds, Goldman Sachs Investment Partners and Citi Ventures.

Hyundai first invested in Grab in January, and two companies began exploring co-operation in the EV sector. Grab's latest initiative, which extends its cooperation with the Korean automotive group at Kia, represents a milestone in the company's ongoing efforts to promote the use of EV in SEA. In August, Grab announced a partnership with an energy utility company in Singapore, the SP Group, to utilize the public EV supply network for EV Group EV.

With the commitment to introducing innovations that will enhance its strengths in the future mobility market, Hyundai and Kia make significant strategic investments in promising start-ups. The Hyundai Motor Group builds a network of industry experts that will contribute to strengthening people's lives through the development of innovative mobility services.

Grab is one of the most widely used mobile O2O platforms in SEA. Today Grab has been downloaded to more than 125 million mobile devices, giving users access to over 8 million drivers, merchants and agents delivering services on demand for transportation, food and packaging in 235 cities in eight countries.

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