The Hyundai Motor Company and Kia Motors Corporation are set to invest an extra $250 million in Singapore's ride-hailing firm Grab.
In a statement Wednesday, the Hyundai Motor Group and Grab Holdings said they would also set up a partnership to pilot electrical vehicle (EV) programs throughout Southeast Asia.
The partnership will see Grab, Hyundai and Kia bring stakeholders from the EV sector together to work on improving the adoption of EVs in the region.
A number of projects will be launched, beginning with one in Singapore next year. That pilot will look to use electric vehicles to "maximize cost efficiencies for Grab's driver-partners."
"As home to one of the world's fastest growing consumer hubs, Southeast Asia is a huge emerging market for EVs," Youngcho Chi, the Hyundai Motor Group's chief innovation officer and head of its Strategy and Technology Division, said Wednesday.
"With its unparalleled footprint across the region, and an ever-expanding base of customers and merchants, Grab is an invaluable partner that will help accelerate the adoption of electric vehicles in Southeast Asia," he added.
Founded in 2012, Grab has operations in eight countries across Southeast Asia. Its platform enables users to book a range of services, from taxi rides to food delivery, using their smartphone. The business states that it operates the region's biggest network of environmentally friendly vehicles.
The investment announced Wednesday means that Grab's current fundraising efforts have brought in $2.7 billion. Investors in its current financing round include Microsoft, Toyota and Goldman Sachs Investment Partners.
In August, Grab said it had entered into a strategic partnership with the SP Group that would see 200 new, fast-charging electric vehicles use the major utility's fast-charging network.
