Hyundai, Kia invest USD 300 mn in Ola for EVs

South Korean automobile major Hyundai Motor group Tuesday said it is investing USD 300 million in ride hailing service provider Ola, identifying India as the centrepiece in its strategy to gain leadership in global mobility market.

The investment will be jointly made by group firms — Hyundai Motor Company and Kia Motors Corporation — and under a tripartite agreement with Ola, the companies will jointly develop electric vehicles ecosystem and fleet services for global markets.

Under the partnership, the three firms will also aim to develop electric vehicles (EVs) and charging infrastructure customised for Indian market, the companies said in joint statement.

“Hyundai and Kia will invest a total of USD 300 million in Ola,” it said.