Hyundai Motor Group and ride-hailing platform Ola have announced a strategic partnership under which Hyundai and Kia will make their biggest combined investment to date.
The agreement will see the three companies collaborate on developing unique fleet and mobility solutions; building India-specific electric vehicles and infrastructure; and nurturing opportunities for aspiring driver partners with customized vehicles, on the Ola platform. Hyundai and Kia will invest a total of US$300m in Ola.
“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.”
“We’re very excited about our partnership with Hyundai, as Ola progresses to build innovative and cutting-edge mobility solutions for a billion people,” added Bhavish Aggarwal, co-founder and CEO of Ola. “Together, we will bring to market a new generation of mobility solutions, as we constantly expand our range of offerings for our consumers.
“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.”
Hyundai, Kia and Ola have agreed to coordinate efforts to develop cars and specifications that reflect the needs of the ride-hailing market (both users and drivers).
Data accumulated during service operation will enable the companies to make constant vehicle improvements to better meet local needs and specifications.