Hyundai Motor said on Jan. 11 it has invested in the Southeast Asian ride-hailing firm Grab for a possible business partnership.
Hyundai reportedly invested tens of billions of won to acquire a stake in Grab so it could get the opportunity to provide vehicles to the Singapore-headquartered company’s car-hailing services.
The carmaker didn’t provide the exact value of its investment in the Southeast Asian rival to Uber Technologies.
Grab, which account for 75 percent of Southeast Asia’s car-hailing service markets, strives to cement its regional dominance vis-a-vis Uber by further expanding its services in Southeast Asia, the third-biggest mobility service market after China and the United States.
By Alex Lee and newswires (email@example.com