South Korea's largest automaker Hyundai Motor Co said it had invested in Singapore-based ride-hailing firm Grab as it marks its foray into the growing mobility services market in Southeast Asia.
With the latest fundraising round in Grab, Hyundai joins other investors such as China's Didi Chuxing, Japan's SoftBank and Toyota Tsusho. The company did not disclose the value of investment in Grab.
"The strategic partnership will help Hyundai explore new opportunities in the sharing economy and enhance its capability to lead future mobility in one of the world's fastest-growing markets, Southeast Asia," Hyundai said in a statement on Wednesday.
The two companies will jointly explore ways to develop and provide innovative services to Southeast Asian customers, including a new mobility service platform that will utilize Hyundai's eco-friendly models such as the IONIQ Electric, it said.
Hyundai has been enhancing its mobility services in world's major locations to offer smarter value to customers to cope with rapidly-shifting market paradigm in automotive industry.
The companies will also work towards Hyundai's eco-friendly models such as the IONIQ Electric.
IONIQ is the world's first model that offers three electrified powertrain-hybrid, plug-in hybrid and pure battery electric - in a single body type.
The company partnered with WaiveCar last year to launch a car-sharing program that runs on advertising money, using IONIQ Electric model in the U.S.