Hyundai to Invest in Grab, Uber's Largest Rival in Southeast Asia

By Staff Reporter

Jan 14, 2018 08:51 PM EST

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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