Hyundai Motor Group and Ola have formed a strategic partnership under which 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 customised vehicles, on the Ola platform. Hyundai and Kia will invest a total of US $300 million in Ola.
“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 solutions provider,” said Euisun Chung, executive vice chairman of Hyundai Motor Group.
Bhavish Aggarwal, co-founder and CEO of Ola, said, “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 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.”
The companies have agreed to co-create solutions to operate and manage fleet vehicles, marking the Group’s first foray into the industry, 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.
