Hyundai and Kia push $300 million into Ola to fight Uber in India

Hyundai Motor Group announced that it will be investing US$ 300 million in India’s ride hailing service Ola. The joint investment was by from Hyundai Motor Company and Kia Motors Corporation.

The investment will provide smart fleet and mobility solutions to the firm Ola, like next generation electric vehicles and customised vehicles to suite Ola platform.

Executive Vice Chairman Hyundai Motor Group Euisun Chung in as statement said, “India is the centrepiece 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 Solution Provider. Hyundai will proactively respond to market changes and persistently innovate to deliver greater value to our customers.”

The new partnership will see the companies collaborate to jointly create solutions to operate and manage fleet vehicles. The deal will also provide financial services to Ola driver. Ola hopes to enhance their operations from the current fleet of 1.3 million partners to 2 million by the year 2022.

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.”