Ola bags $300 million from Hyundai and Kia for mobility solutions and electric vehicles
Summary
The company has secured a $300 million investment from Hyundai and Kia to collaborate on building new fleet solutions and explore mobility for global markets. Today’s investment also marks the foray of Hyundai Motor Group, which currently focuses on manufacturing and selling automobiles, into developing a complete package of fleet solutions. “This partnership will also significantly benefit driver-partners on our platform, as we collaborate with Hyundai to build vehicles and solutions that enable sustainable earnings for millions of them, in the time to come,” said Ola CEO Bhavish Aggarwal. “Hyundai will proactively respond to market changes and persistently innovate to deliver greater value to our customers,” said Hyundai Motor Group executive vice chair Euisun Chung. Members of AGL, which include fellow carmakers Toyota, Ford, Honda, and Suzuki, work in tandem to develop open source software for infotainment, telematics, and instrument cluster applications.
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