Hyundai joins hands with car-sharing firm Revv in India; to expand biz in future mobility

Hyundai's partnership entails development of an innovative way of car sharing service and conducting creative marketing activities in India

|Aug 20, 2018, 10:47:12 IST

New Delhi: South Korean automaker Hyundai today announced a partnership with self-drive car-sharing firm Revv in the country.The partnership entails development of an innovative car sharing service and conducts creative marketing activities in India, the auto major said in a statement.The company's strategic investment and partnership will enable both Hyundai Motor and Revv to build competency and the technology necessary for leading the future mobility market in India, it added. It, however, did not disclose the financial details."Hyundai Motor India has been growing rapidly with its outstanding performance to become a strong market leader in India," Hyundai Motor India MD and CEO Y K Koo said.The company is just about to step forward and expand its business into the future mobility with Revv, he added.

"Hyundai Motor India will build a prominent system with both 'Open Innovation' strategy and India's fastest growing self-drive car-sharing company, Revv," Koo said.

Hyundai Motor, which is the only automotive company among Revv's investors, will explore ways to support Revv's car-sharing service, including the supply of car sharing products, the development of new mobility service platforms, and product marketing.[caption id="attachment_3020190" align="alignleft" width="380"]

Hyundai logo. Reuters[/caption]Commenting on the development, Revv co-founder Anupam Agarwal 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," he added.The self-drive segment in the country has been showing exponential growth, expanding from $900 million in 2016 to $1.5 billion in 2018, and projected to expand to $2 billion by 2020.India's 15,000 car-sharing vehicles are expected to grow to 50,000 by 2020, and 150,000 by 2022, as per the company estimates.

India remains among fastest-growing major economies despite global uncertainty, says RBI Bulletin

RBI says industrial and services activity stayed resilient through June, while strong trade, stable external sector and improving foreign investment continue to support economic growth.

1 min read

Iran war could cut global growth by more than half: World Bank’s chief economist Indermit Gill

Prolonged US-Iran conflict could fuel inflation, push up borrowing costs and deepen debt distress across developing economies, says Indermit Gill

2 min read

Brent crude climbs to $94 as analysts expect oil prices to stay in $90–100 range

Rising US-Iran tensions and tight OPEC+ supply have pushed crude to a five-week high, but experts believe prices are unlikely to sustain a rally beyond $100 without a major supply disruption.

1 min read

UK inflation cools further to 2.6% in June as transport and food prices ease

Softer price growth in transport and food categories helps push headline inflation lower, while core inflation remains sticky.

1 min read

India's gem and jewellery exports jump 26.5% in June on stronger global demand

Lower gold prices, healthy overseas demand and rising exports of gold jewellery, diamonds and lab-grown diamonds drive sharp recovery in June

1 min read

Up Next

Hyundai joins hands with car-sharing firm Revv in India; to expand biz in future mobility

Tags

India remains among fastest-growing major economies despite global uncertainty, says RBI Bulletin

Iran war could cut global growth by more than half: World Bank’s chief economist Indermit Gill

Brent crude climbs to $94 as analysts expect oil prices to stay in $90–100 range

UK inflation cools further to 2.6% in June as transport and food prices ease

India's gem and jewellery exports jump 26.5% in June on stronger global demand