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South Korean automaker Hyundai Motor Group along with Kia Motors announced to be investing $300 million (Rs. 2,056 crores) in India's ride-hailing service Ola.
The company has confirmed that it will be a joint investment from Hyundai Motor Company and Kia Motors Corporation. This partnership between Hyundai Group and Ola will see the three companies come together to provide smart fleet and mobility solutions, building India-specific electric vehicles, and offering customized vehicles to aspiring driver partners on the Ola platform.
Executive Vice Chairman of Euisun Chung Hyundai Motor Group said: “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.”
“Hyundai will proactively respond to market changes and persistently innovate to deliver greater value to our customers."
Interestingly this announcement comes just days after a report on Hyundai intentions to buy 4 percent stakes in the popular mobility service provider came to light.
On the other hand, Bhavish Aggarwal, Co-Founder, and CEO of Ola said, "We're very excited about our partnership with Hyundai, as Ola progresses to built 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."
"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" Aggarwal further added.
As for Ola, the company says that this partnership will further its aims to create over two million livelihood opportunities in the mobility ecosystem by 2022 and promote micro-entrepreneurship among aspiring driver partners in the country. Currently, the company hosts over 1.3 million partners on its platform and this partnership with Hyundai and Kia will further help hundreds of thousands more.