Hyundai Motor, Kia to invest $300 million in Ola

Ola cab

South Korean automakers Hyundai Motor Co and Kia Motors Corp will together invest $300 million in Indian ride-hailing platform Ola, Hyundai Motor and Ola said on Tuesday.

The three companies will collaborate to develop fleet and mobility solutions, electric vehicles and infrastructure specific to the Indian market, they said in a joint statement.

The deal, Hyundai and Kia's biggest combined investment, marks Hyundai Motor's foray into fleet vehicles as the company expands operations to total fleet solutions.

Ola's drivers will be offered financial services like lease and installment payments, the companies said.