As India’s EV market is growing rapidly, the Carmakers Hyundai Motors and Kia Motors made an announcement to invest $300 million (Rs2,059 crore) as an electric vehicle initiative with India’s cab-hailing company Ola.
Hyundai and Kia Invest Rs2,059 crore In EV Initiative With Ola India
Both the companies are reaching out to Ola to increase the sales of their EVs. Personal vehicle option is available or not is yet to be decided.
Last year in August, the Hyundai had led Rs 100 Crore funding round in the car rental startup Revv. The South Korean companies will also work with Ola to make new mobility solutions using e-cars.
Hyundai, Kia And Old Companies Collaborate To Develop EVs
The three companies, Hyundai, Kia, and Old will be collaborating to develop India particularly EVs and the required infrastructure.
Chairman of Hyundai Motor Group Says
“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,” said Euisun Chung, Executive Vice Chairman of Hyundai Motor Group.
“Hyundai will proactively respond to market changes and persistently innovate to deliver greater value to our customers,” he added.
Bhavish Aggarwal, Co-founder, And CEO Of Ola Says
“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 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 Ola has received ₹400 crore for e-mobility solutions from the investor includes Matrix Partners and Tiger Global. Its target is to create over 2 million livelihood opportunities in the mobility ecosystem by 2022.
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