The South Korean automotive companies, Hyundai Motors and Kia Motors on Tuesday proclaimed that they will endow money up to $300 million in the Indian ride-hailing company, Ola, as reported by the Indian daily news, The Economic Times.
In a statement, Hyundai Motors apprised that in accord with the concord, the three organizations will amalgamate to develop mobility solutions and unique fleet, build electric vehicles and infrastructure, in particular to the Indian benchmarks, as reported by the Indian daily news, The Economic Times.
India is the centrepiece of Hyundai Motor Groups 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 Euison Chung, Vice-Chairman at Hyundai Motors.
Bhavish Agarwal, CEO at the Indian ride-hailing, OLA said, Together, we will bring to the market a new generation of mobility solutions, as we constantly expand our range of offerings for our consumers.
Owing to the strategic collaboration (of three companies), the organizations have approved to concertedly form solutions to manage and control fleet solutions. More so, it is the first time that the South Korean company, Hyundai Motors is increasing its operations from automotive manufacturing to mobility solutions, as reported by the Indian daily news, The Economic Times.