Hyundai Motor ventures into car-sharing

Hyundai Motor Co. Monday said it has invested an undisclosed amount in self-drive car sharing company Revv.

As part of a strategic partnership, both companies will work together to develop car-sharing products and new mobility service platforms.

In a press release, the local unit of the South Korean car maker said Gurugram-based Revv is India’s fastest growing self drive car sharing company.

In 2018, the car sharing segment in India expanded to $1.5 billion from just $900 million in 2016, according to the Hyundai.

The segment is projected to grow to $2 billion by 2020. Also, the total number of shared passenger vehicles will grow to 50,000 units in 2020 and 150,000 units by 2022 from just 15,000 units at present.

According to Hyundai, millennials who are heavy users of car-sharing services comprise 35% of the total population of India.

“Hyundai Motor India has been growing rapidly with its outstanding performance to become a strong market leader in India. We are just about to step forward and expand our business into the future mobility with Revv,” Young Key Koo, managing director and chief executive of Hyundai Motor India, said in the statement.

Hyundai is the only automaker among Gurugram-based Revv’s investors and will explore ways to support the company, including supply of car-sharing products, development of new mobility service platforms and product marketing.

According to the company, this will allow Indian consumers to experience Hyundai Motor’s vehicles in diverse ways.

“The mobility industry is going through a dramatic shift globally, with the bulk of the innovation still to come. We want to be at the forefront of creating innovative solutions that can meaningfully shape this shift, and Hyundai Motor will play a crucial part in this mission,” said Anupam Agarwal, co-founder, Revv.