Hyundai Motor Company and Kia Motors Corporation recently announced that they will invest an additional US$ 250 million into Grab Holdings, Inc. (Grab) to establish a partnership to pilot an electric vehicle (EV) program across Southeast Asia.
Under the EV partnership, Grab and the affiliates of Hyundai Motor Group will gather all stakeholders from the EV industry to spread awareness to the public and to collaborate on improving the adoption of EVs in Southeast Asia.
To kick-off the EV campaign, Grab, Kia, and Hyundai will launch a series of EV pilot projects in Singapore next year. The series of projects will focus on how to operate the electric vehicles and how Grab’s driver-partners will benefit from using them. The three companies will also collaborate with regional governments and infrastructure players in building a network of quick-charge stations. The partnership will also scope the development of customized maintenance packages for Grab EV drivers.
“As the largest fleet owner of EVs in Singapore, we are excited to establish an industry partnership with Hyundai Motor Group to drive EV adoption across Southeast Asia. We both share a common vision on the electrification of mobility as one of the key foundations for building an environmentally sustainable and lowest-cost transportation platform,” said Ming Maa, president of Grab.
The new investment will be added to Grab’s existing partnership with Hyundai, bringing the current fundraising to US$ 2.7 billion. Grab aims to raise over US$ 3 billion by the end of the year. The company’s latest campaign is part of its effort to promote the use of EVs in Southeast Asia. Last August, Grab announced a partnership with Singapore’s energy utilities provider, SP Group, to use SP Group’s public EV charging network for its EVs.
With its commitment to driving innovation, Hyundai Motor Group continues to build a network of industry experts that will help in enhancing people’s lives by developing innovative mobility services. In line with its goal of becoming a leader in clean mobility, the Group also plans to develop more than double the number of its eco-friendly models to 38 by 2025.