Hyundai Motor Company has announced a partnership with self-drive car sharing company, Revv. The South-Korea based car manufacturer is looking to develop an innovative car sharing service and conduct creative marketing activities in India.
According to a statement from Hyundai, India’s 15,000 car sharing vehicles are expected to grow to 50,000 by 2020, and 1,50,000 by 2022.
Young Key Koo, MD and CEO, Hyundai Motor India, said, “Hyundai Motor India has been growing rapidly with its outstanding performance to become a strong market leader in India,” said “We are just about to step forward and expand our business into the future mobility with Revv. Hyundai Motor India will build prominent system with both ‘Open Innovation’ strategy and India’s fastest growing self-drive car sharing company, Revv.”
Anupam Agarwal, co-founder, Revv, said, “The mobility industry is going through a dramatic shift globally, with the bulk of the innovation still to come. We want to be at the forefront of creating innovative solutions that can meaningfully shape this shift, and Hyundai Motor will play a crucial part in this mission."
“Hyundai Motor is a household name in India and we are delighted to have them join us on our journey. With their deep understanding of Indian consumers and their progressive stance on tech-driven mobility solutions, this partnership will bring us closer to achieving our vision in the mobility market,” added Karan Jain, co-founder, Revv.
This investment is part of Hyundai Motor's global initiative of expanding into mobility services.
In July it had announced an investment in Australia's Car Next Door. Prior to that the company had invested in Singapore based Grab.