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Hyundai Motor, Kia to invest $300 million in India's Ola

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Hyundai Motor, Kia to invest $300 million in India's Ola
FILE PHOTO: The Hyundai logo is seen during the first press day of the Paris auto show, in Paris, France, October 2, 2018. REUTERS/Regis Duvignau   -   Copyright  REGIS DUVIGNAU(Reuters)
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(Reuters) – South Korean automakers Hyundai Motor Co and Kia Motors Corp will together invest $300 million in Indian ride-hailing platform Ola, Hyundai Motor and Ola said on Tuesday.

The three companies will collaborate to develop fleet and mobility solutions, electric vehicles and infrastructure specific to the Indian market, they said in a joint statement.

The deal, Hyundai and Kia’s biggest combined investment, marks Hyundai Motor’s foray into fleet vehicles as the company expands operations to total fleet solutions.

Ola’s drivers will be offered financial services like lease and instalment payments, the companies said.

(Reporting by Tanvi Mehta in Bengaluru; Editing by Subhranshu Sahu)

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