Grab has managed to pull in automaker Hyundai Motor and its affiliate Kia Motors to invest $250 million in it. Hyundai is a return investor which had previously invested an undisclosed amount in Grab in January this year.
This news comes after the Singapore-headquartered firm raised $200 million from travel firm Booking Holdings recently and is currently believed to be valued around $11 billion. Toyota has also invested more than $1 billion in Grab earlier in the year.
Also, Hyundai, Kia and Grab will be forming a Southeast Asia-wide electric vehicle (EV) partnership aimed at promoting EV adoption in the region. They will be working with governments and infrastructure players to improve EV infrastructure, such as the building of a network of quick-charge stations and explore ways to customize EVs to optimise them for mobility service platforms.
Noting on the collaboration that involve Grab using Hyundai’s eco-friendly car models such as IONIC Electric, Grab President Ming Maa said,“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.”