Chennai: Korean automobile major Hyundai and its subsidiary Kia have together invested $300 million in ride-hailing company Ola to jointly develop electric vehicles ecosystem and fleet services for global markets.
Under the partnership, the three companies will also aim to develop electric vehicles (EVs) and charging infrastructure customised for Indian market, the companies said in joint statement.
“India is the centrepiece of Hyundai Motor Group’s strategy to gain leadership in the global mobility market, and our partnership with Ola will certainly accelerate our efforts to transform into a smart mobility solutions provider,” said executive vice chairman, Hyundai Motor Group, Euisun Chung, said.
Hyundai Motor Group expects to accelerate its transition from a car manufacturer into a smart mobility solutions provider, as the partnership initiatives will allow it to engage in all aspects across the entire mobility value chain including vehicle production, fleet operation and mobility services.
As part of the strategic collaboration, the companies have agreed to co-create solutions to operate and manage fleet vehicles, marking the group’s first foray into the industry, as they expand operations from automobile manufacturing and sales to total fleet solutions.
“Together, we will bring to market a new generation of mobility solutions, as we constantly expand our range of offerings for our consumers. This partnership will also significantly benefit driver-partners on our platform, as we collaborate with Hyundai to build vehicles and solutions that enable sustainable earnings for millions of them, in the time to come,” co-founder and CEO of Ola, Bhavish Aggarwal, said.
The agreement will see the three companies extensively collaborate on developing unique fleet and mobility solutions; building India-specific electric vehicles and infrastructure; as well as nurturing best-in-class opportunities and offerings for aspiring driver partners with customised vehicles, on the Ola platform.