Hyundai Buys Stake in Singapore Ride-Hailing Service

Hyundai Motor Co. has acquired an unspecified stake in Grab Taxi Holdings Pte Ltd., a Singapore-based ride-hailing and ride-sharing firm, Reuters reports.

Formed in 2012, Grab operates in eight southeast Asian countries with an array of taxis, cars, minivans and shuttles. The company describes itself as the region’s largest third-party taxi and private vehicle-hailing service.

The companies say they plan to jointly develop new services, including one that features Hyundai Iioniq electric cars. The Ioniq is produced with hybrid, plug-in and all-electric powertrains.

Hyundai’s investment was part of a Grab fundraising round that included Japan’s SoftBank and China’s Didi Chuxing.​​​