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Hyundai, Kia to invest $250m in Grab

November 08, 2018 00:00:00


The Hyundai Motor Company and Kia Motors Corporation are set to invest an extra $250 million in Singapore's ride-hailing firm Grab, reports CNBC.

In a statement Wednesday, the Hyundai Motor Group and Grab Holdings said they would also set up a partnership to pilot electrical vehicle (EV) programmes throughout Southeast Asia.

The partnership will see Grab, Hyundai and Kia bring stakeholders from the EV sector together to work on improving the adoption of EVs in the region.

A number of projects will be launched, beginning with one in Singapore next year. That pilot will look to use electric vehicles to "maximise cost efficiencies for Grab's driver-partners."


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