Hyundai and Kia Collectively Invest $300m in Indian Mobility Company Ola
The two giant Korean carmakers, Kia and Hyundai have come together to invest a huge amount, a total of $300m in Indian mobility services provider, Ola. As a part of this strategic alliance, these three companies will work on improving and developing new mobility solutions. Moreover, the companies will focus on building EVs and the infrastructure to support them as a part of this alliance. This partnership will also nurture the micro-entrepreneurship opportunities by providing access to customised Hyundai and Kia vehicles as well as help the driver-partners with attractive finance and insurance benefits.
An investment of USD 300 million represents the largest combined investment of these two automotive giants to date. Hyundai Motor Group expects to accelerate its transition from a ‘car manufacturer’ into a ‘Smart mobility Solutions Provider’ while Ola, on the other hand, has even larger plans. The mobility service provider aims to create over 2 million livelihood opportunities in the mobility ecosystem by the year of 2022. The brand already hosts as many as 1.3 million partners on its platform and is on track to achieve this goal.
‘India is the centrepiece 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,” said Euisun Chun, Executive Vice Chairman of Hyundai Motor Group. “Hyundai will proactively respond to market changes and persistently innovate to deliver greater value to our customers.”
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Bhavish Aggarwal, Co-founder and CEO of Ola said, “We are 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 the market a new generation of mobility solutions, as we constantly expand our range of offerings for our consumers.” He added, “This partnership will also significantly benefit the 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.”