Hyundai and Kia Invest $300 million in Ride-Hailing Platform Ola

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Bhavish Aggarwal Ola and Euisun Chung Hyundai

19 March 2019, India:

Hyundai Motor Group and ride-hailing platform Ola, today announced a strategic partnership under which Hyundai Motor Company and Kia Motors Corporation will invest in Ola.

The agreement will see the three companies extensively collaborate on developing unique fleet and mobility solutions; building India-specific electric vehicles and infrastructure; as well as nurturing best in class opportunities and offerings for aspiring driver partners with customized vehicles, on the Ola platform. Hyundai and Kia will invest a total of USD 300 million in Ola.

As part of the strategic collaboration, the companies have agreed to co-create solutions to operate and manage fleet vehicles.

Euisun Chung, Executive Vice Chairman, Hyundai Motor Group, said, “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, added, “Hyundai will proactively respond to market changes and persistently innovate to deliver greater value to our customers.”

Bhavish Aggarwal, Co-founder and CEO, Ola said, “We’re very excited about our partnership with Hyundai, as Ola progresses to build innovative and cutting-edge mobility solutions for a billion people. Together, we will bring to market a new generation of mobility solutions, as we constantly expand our range of offerings for our consumers.”

Bhavish Aggarwal, added, “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.”

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, the company said in a statement.

Hyundai Motor Group expects to accelerate its transition from a ‘car manufacturer’ into a ‘Smart Mobility Solutions Provider’, as the partnership’s initiatives will allow it to engage in all aspects across the entire mobility value chain ― including vehicle production, fleet operation and mobility services.

(Image – Ola)

Source: Techstory

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