Hyundai and Kia invest $300 million in Ola, to make Electric Vehicles for Indian market

By Press Release | Published on Mar 20 2019
Hyundai and Kia invest $300 million in Ola, to make Electric Vehicles for Indian market
HIGHLIGHTS

The partnership to nurture micro-entrepreneurship opportunities by providing access to customized Hyundai and Kia vehicles as well as financing and insurance benefits for driver-partners.

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Hyundai and Kia has invested $300 million in ride-hailing platform Ola to build Electric Vehicles for the Indian market. The companies will build unique fleet and jointly explore mobility solutions in global markets. Apart from developing EVs, the companies also aim to develop the charging infrastructure customised for India. The partnership to nurture micro-entrepreneurship opportunities by providing access to customized Hyundai and Kia vehicles as well as financing and insurance benefits for driver-partners.

Read the complete press release below

Hyundai Motor Group (the Group) and Ola ― one of the world’s largest ride-hailing platforms ― today announced a strategic partnership under which Hyundai Motor Company (Hyundai) and Kia Motors Corporation (Kia) will make their biggest combined investment to date, as part the Group’s continued efforts to become a Smart Mobility Solutions Provider.

The agreement will see the three companies extensively collaborate on developing unique fleet and mobility solutions; building India-specific electric vehicles and infrastructure; as well as nurturing best in class opportunities and offerings for aspiring driver partners with customized vehicles, on the Ola platform. Hyundai and Kiawill invest a total of USD 300 million 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."

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."

As part of the strategic collaboration, the companies have agreed to co-create solutions to operate and manage fleet vehicles, marking the Group’s first foray into theindustry, as they expand operations from automobile manufacturing and sales to total fleet solutions.

The partnership will offer Ola drivers various financial services, including lease and instalment payments, while vehicle maintenance and repair services are expected to enhance customer satisfaction.

Hyundai, Kia and Ola have also 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 allow the companies to make constant vehicle improvements to better meet local needs and specifications.

Hyundai Motor Group expects to accelerate its transition from a ‘car manufacturer’ into a ‘Smart Mobility Solutions Provider’, as the partnership’s initiatives will allow itto engage in all aspects across the entire mobility value chain ― including vehicle production, fleet operation and mobility services.

Ola aims to create over two million livelihood opportunities in the mobility ecosystem by 2022. This partnership will help accelerate micro-entrepreneurship in India’s growing pool of aspiring driver-partners. Ola already hosts over 1.3 million partners on its platform and will further empower hundreds of thousands more, with access to tailored offerings across vehicles, financing, insurance and more, substantially bringing down the total cost of ownership for partners.

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