Summits Yellow

Hyundai invests in Uber rival Grab, agree to work together on future mobility services

Tyrone Stewart

Hyundai IONIQ AutonomousSouth Korean automaker Hyundai is linking up with Grab, Uber’s Southeast Asian ride hailing rival and mobile payments platform, to help expand the car manufacturer’s future mobility services in Southeast Asia.

Following Hyundai’s investment in Grab, the two companies will look at ways to develop and provide innovative services to customers in Southeast Asia. This will include the development of a new mobility service platform that will use Hyundai’s eco-friendly models.

“Hyundai’s strategic investment in Grab marks the beginning of an exciting new partnership between the two parties, bringing Hyundai one step closer to realising its vision for future mobility,” said Young Cho Chi, CIO and head of strategy & technology division at Hyundai. “Grab’s expertise in the Southeast Asian market coupled with Hyundai’s eco-vehicle leadership will bring innovative services to customers.”

Hyundai has joined investors including Didi Chuxing, SoftBank, and Toyota in over Grab’s over $2bn Series G funding round – the largest single financing in Southeast Asia ever.

“As we move into the next stage of Grab’s growth, we look forward to collaborating closely with Hyundai to continue innovating new mobility solutions for Southeast Asia,” said Anthony Tan, group CEO and co-founder of Grab. “We are pleased to welcome Hyundai to our global network of strategic partners, and we are confident that we have an alliance of strong partners to push forward into Grab’s next phase of long-term growth.”