That means the Singapore-based ride sharer has brought in $2.7 billion in investment to date, reports CNBC. Hyundai and Grab said that, together with Kia, they will also set up a partnership to pilot electrical vehicle (EV) programs throughout the Southeast Asia region. The goal is to increase EV usage throughout the region and to “maximize cost efficiencies for Grab’s driver-partners.”
Grab was founded in 2012 and for much of its life was a major competitor to Uber in Southeast Asia. However, in March of this year, Grab announced that it had acquired Uber’s Southeast Asia operations. The deal saw Uber leaving the region and the company taking a 25.7% stake in Grab.
Grab’s latest deal with Hyundai and Kia will further help cement the ride sharers dominance in the region. Asia already accounts for 70% of the 16 billion ride-sharing trips made last year. By 2026 the ride-sharing market is expected to exceed $28 billion annually.
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