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Hyundai and Kia Invest $300 million in Ola for Mobility Solution

Hyundai and Kia Invest $300 million in Ola for Mobility Solution

Snapshot: Hyundai Motor Company and Kia Motors Corporation make its biggest ever combined investment of $300 million by partnering with Ola to become a Smart Mobility Solutions Provider.

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  • Hyundai and Kia together to make biggest investment ever of USD 300 million in Ola
  • Collaborate will see building of unique fleet and jointly explore mobility solutions in global markets
  • Strategic partnership also aims to develop electric vehicles and charging infrastructure customized for Indian market
  • Partnership to nurture micro-entrepreneurship opportunities by providing access to customized Hyundai and Kia vehicles along with financing and insurance benefits for driver-partners

Hyundai Motor Company and Kia Motors Corporation will soon make its biggest ever combined investment of $300 million by partnering with Ola. The strategic partnership comes as part of the Group’s effort to become a Smart Mobility Solutions Provider. With this, the three companies will see collaboration on developing unique mobility solution and fleet, making India-bound electric vehicles and infrastructure along with other opportunities and offerings for the driver partners with customized vehicles.   

Speaking on this, Euisun Chung, Executive Vice Chairman of Hyundai Motor Group said, “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 Provide. Hyundai will proactively respond to market changes and persistently innovate to deliver greater value to our customers."

Bhavish Aggarwal, Co-founder and CEO of Ola said, "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 strategic collaboration will help companies to co-create solutions to operate and manage fleet vehicles and marking the Group’s first foray into the industry, as they expand operations from automobile manufacturing and sales to total fleet solutions. That apart, the partnership will also help Ola driver partners to avail many financial services that also include lease and instalment payments along with vehicle maintenance and repair services. The three companies are also planning to develop cars and specifications that reflect the needs of the ride-hailing market for both drivers as well as users. Data accumulated during this service operation will help the companies to make constant improvements on the vehicle to meet local needs and specifications.

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