Grab gets S$343 million boost from Hyundai, Kia; 200 electric vehicles from the companies to be added to fleet

SINGAPORE — Ride-hailing firm Grab has received US$250 million (S$343 million) in funding from South Korean motor company Hyundai and its affiliate Kia, and will be partnering with the carmakers to pilot a series of electric vehicle (EV) projects from next year.

As part of the partnership, 200 electric vehicles from Hyundai and Kia will be added to the Grab's fleet.

Grab earlier announced in August that it is rolling out a fleet of new electric vehicles, which will tap the fast-charging network of utility provider Singapore Power (SP). It added that drivers who take up the new model will enjoy preferential electric-vehicle charging rates at all SP Group charging stations island-wide and discounted parking at some partner venues.

In a joint media release on Wednesday (Nov 7), the companies said that they will bring together stakeholders from the EV industry to collaborate on measures to improve EV adoption and awareness in the region.

Grab, Hyundai and Kia will launch a series of EV pilot projects in South-east Asia starting with Singapore in 2019. These projects will focus on using EVs to maximise cost efficiencies for Grab’s driver-partners.

“The EV partnership will also work with regional stakeholders including governments and infrastructure players to improve EV infrastructure in the region, such as the building of a network of quick-charge stations,” the companies said in the media release.

They added: “The EV partnership will also explore the development of customised maintenance packages to Grab EV drivers and conduct research into how EVs can be most efficiently deployed in South-east Asia under hot and humid climate conditions.”

Mr Ming Maa, president of Grab, said that the company and Hyundai Motor Group "both share a common vision on the electrification of mobility as one of the key foundations for building an environmentally sustainable and lowest-cost transportation platform”.

Dr Youngcho Chi, Hyundai Motor Group’s chief innovation officer, said that the partnership with Grab will help "accelerate the adoption of electric vehicles in South-east Asia".