Hyundai announces investment in Indian self-drive car sharing company Revv
Hyundai Motor Company has announced a strategic investment in Indian self-drive car sharing company Revv. The two companies will now work together to develop an innovative car sharing service and conduct creative marketing activities in India. Hyundai states that the future mobility market in India has seen some serious growth from $ 900 million (Rs 6,281 crore) in 2016 to $ 1.5 billion (Rs 10,469.25 crore) in 2018. Under the alliance, they intend to work on car sharing products and new mobility service platforms.
Below is the full press release from Hyundai Motor Company:
Hyundai Motor Company, South Korea's largest automaker, announced a partnership with Revv, India's fastest growing self-drive car sharing company to develop an innovative car sharing service and conduct creative marketing activities in India. The strategic partnership including Hyundai Motor's investment to Revv sees innovative future mobility services gain the company's first foothold in the Indian mobility market.
The 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; an evolving market showing exponential growth, expanding from USD 900 million in 2016 to USD 1.5 billion in 2018, and projected to expand to USD 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.
Furthermore, millennials, who are heavy users of car sharing services, comprise 35 percent of the total population of India. The market growth potential for mobility services is stronger than that of any other global market.
"Hyundai Motor India has been growing rapidly with its outstanding performance to become a strong market leader in India," said Young Key Koo, Managing Director and CEO of Hyundai Motor India. "We are just about to step forward and expand our business into the future mobility with Revv. Hyundai Motor India will build prominent system with both 'Open Innovation' strategy and India's fastest growing self-drive car sharing company, Revv."
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. This will allow Indian consumers to experience Hyundai Motor's vehicles in diverse ways.
"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," said Anupam Agarwal, Co-Founder at Revv. "Hyundai Motor is a household name in India and we are delighted to have them join us on our journey. With their deep understanding of Indian consumers and their progressive stance on tech-driven mobility solutions, this partnership will bring us closer to achieving our vision in the mobility market," said Karan Jain, Co-Founder of Revv.
Hyundai Motor India Limited (HMIL) forms a critical part of Hyundai Motor's global export hub. HMIL currently exports to around 88 countries across Africa, Middle East, Latin America, Australia and Asia Pacific. It is the number one car exporter since inception in India. And, Its fully integrated state-of-the-art manufacturing plant near Chennai boasts advanced production, quality and testing capabilities, marking the 20th anniversary of production and sales in India.
Hyundai Motor's blueprint is to generate the company's new growth engine by developing innovative mobility services that combine disruptive technologies such as autonomous driving and artificial intelligence, with the sharing economy to transform people's lives.
Hyundai Motor has been enhancing its mobility services in major locations worldwide. The company is committed to offering smarter value to customers to cope with the rapidly-shifting paradigm in the automotive industry.
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