INTERNATIONAL – South Korean automakers Hyundai Motor Co and Kia Motors Corp will together invest $300 million in the Indian based ride-hailing platform Ola, playing catch-up in the global race to invest in mobility firms.
The move follows the $275 million that the pair invested in Singapore-based ride-hailing firm Grab last year.
Hyundai, Kia and Ola will collaborate to develop fleet and mobility solutions, electric vehicles and infrastructure specific to the Indian market, they said in a joint statement.
The deal, Hyundai and Kia’s biggest combined investment, marks Hyundai’s foray into fleet vehicles.
Hyundai is one of the biggest automakers operating in India, where affiliate Kia plans to start production this year at its first factory in the country.
Ola’s other investors include SoftBank Group Corp and Tencent Holdings Ltd.