Hyundai to Invest in Grab, Uber's Largest Rival in Southeast Asia
By Staff Reporter
Jan 14, 2018 08:51 PM EST
Regions
Hyundai Motor (HYUNDAI-MOTOR) has invested in Singapore-based ride-hailing firm Grab (GRABTAXI, +0.00%), Uber’s (UBER, +0.00%) biggest ride-hailing rival in Southeast Asia, as the South Korean automaker looks to expand beyond its traditional business of producing and selling vehicles.
Grab did not disclose the value of Hyundai’s investment. Hyundai joined other investors, including Didi Chuxing, SoftBank and Toyota Tsusho (Toyota’s Next Technology Fund) in the latest fundraising round, Grab said.
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