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Hyundai, Kia invests USD 300 million in Ola to develop mobility solutions and electric vehicles

March 19, 2019, 05:37 PM IST by Ajinkya Lad
Hyundai, Kia invests USD 300 million in Ola to develop mobility solutions and electric vehicles

-The companies plan to build a unique fleet and mobility solutions for the global markets.

-The strategic partnership aims to develop electric vehicles and charging infrastructure for the Indian market.

-It will enable Ola to create more than two million entrepreneurial opportunities within the mobility ecosystem by 2022.

Hyundai Motor Group, which owns Hyundai Motor Company and Kia Motors Corporation, has partnered with India’s largest ride-hailing platform, Ola. The group has invested USD 300 million (approx. Rs 2055 crore) to collaboratively develop smart mobility solutions, which includes unique fleet vehicles, India-specific electric vehicles and charging infrastructure. The partnership will also nurture micro-entrepreneurs by providing them access to customised Hyundai and Kia vehicles along with insurance benefits and finance options for the driver-partners.

Commenting on the development, 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. 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." He further 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 strategic collaboration will enable the companies to co-create mobility solutions to operate and manage fleet vehicles. This will help the car makers to expand their operations from automobile manufacturing to fleet solutions. Furthermore, Ola driver partners can avail of various financial services, including lease and instalment payments. Ola also aims to create more than two million livelihood opportunities in the mobility ecosystem by 2022.

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