Hyundai Motor Co said on Thursday it had invested in Singapore-based ride-hailing firm Grab, in the South Korean automaker`s first foray into the rapidly growing sector as it tries to diversify following a sales slump in China.
Grab has expanded to eight Southeast Asian countries and has said it is the biggest operator in the region`s third-party taxi hailing and private-vehicle hailing sector.
The companies will jointly develop services in Southeast Asia, including one utilizing Hyundai`s eco-friendly models such as the IONIQ Electric, the two firms said in a statement.
They did not disclose the value of Hyundai`s investment and a spokeswoman for the automaker declined to comment further.
Grab`s latest fundraising round, which Hyundai has joined, already includes investors such as China`s Didi Chuxing, Japan`s SoftBank and Toyota Tsusho, the firms added.
Hyundai said on Wednesday it is considering building a car plant in Southeast Asia, possibly in Indonesia or Vietnam.
The company`s interest in the region has grown since a diplomatic row between Beijing and Seoul last year hurt South Korean firms that are highly reliant on the Chinese market.
The automaker also announced for the first time a self-driving technology partnership with Silicon Valley start-up Aurora earlier this month, a shift from its usual preference for developing technology itself.
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