Hyundai And Kia Invest $300m In Ola Cabs
Companies to collaborate on building unique fleet and jointly explore mobility solutions in global markets
Photo Credit :
Euisun Chung and CEO Bhavish Aggarwal
Hyundai Motor Group and Ola announced a strategic partnership under which Hyundai Motor Company and Kia Motors Corporation 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 Kia will 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
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."
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.
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.