Thursday 25 April 2019
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business-standard - 1 month ago

Hyundai and Kia to invest $300 million in Ola, focus on smart mobility solutions

Hyundai Motor Group and Kia Motors Corporation announced a strategic partnership on Tuesday to invest 300 million dollars (about Rs 2,000 crore) in ride-hailing platform Ola for providing smart mobility solutions.It will be Hyundai s and Kia s biggest combined investment to date.The agreement will see the three companies extensively collaborate on developing unique fleet and mobility solutions, build India-specific electric vehicles and infrastructure, as well as nurture opportunities for driver partners with customised vehicles on the Ola platform.As part of the collaboration, the companies have agreed to co-create solutions to operate and manage fleet vehicles, expanding Hyundai operations from automobile manufacturing and sales to total fleet solutions.The partnership will offer Ola drivers various financial services, including lease and instalment payments, besides maintenance and repair services.Hyundai, Kia and Ola have also agreed to coordinate efforts to develop cars and ...

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