Hyundai Motor Company and Kia Motors Corporation will together invest $300 million in cab aggregator Ola. This will be the biggest combined investment by the two firms of the South Korean Hyundai Motor Group.
As part of the ‘strategic collaboration’, the three companies will work on developing unique fleet and mobility solutions, besides building India-specific electric vehicles and infrastructure.
“India is the centerpiece 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,” Euisun Chung, executive vice-chairman of Hyundai Motor Group, said.
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, Hyundai said in a statement.
“The partnership will offer Ola drivers various financial services, including lease and instalment payments, while vehicle maintenance and repair services are expected to enhance customer satisfaction,” it added.
“Together, we will bring to market a new generation of mobility solutions.”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,” Bhavish Aggarwal, co-founder and CEO, Ola, said.