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 MD and CEO Y K Koo said, “Hyundai Motor India has been growing rapidly with its outstanding performance to become a strong market leader in India,”
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.
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.