Y.K. Koo, managing director and chief executive, Hyundai Motor India Ltd. Photo: Pradeep Gaur/Mint
New Delhi: Hyundai Motor Co. today said it has entered into a strategic partnership with Revv, a self-drive car sharing company, at an undisclosed investment. Both the firms will work together in developing car sharing products and new mobility service platforms. According to Hyundai, Revv is India’s fastest growing self-drive car sharing company.
“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. Hyundai Motor India will build a prominent system with both ‘Open Innovation’ strategy and India’s fastest growing self-drive car sharing company, Revv,” said Young Key Koo, managing director and chief executive officer of Hyundai Motor India Ltd.
Hyundai, the only automotive company among Revv’s investors, will explore ways to support Revv’s car sharing service that include supply of car sharing products, development of mobility service platforms and product marketing. According to the company, this will allow Indian consumers to experience Hyundai cars in diverse ways.
“The mobility industry is going through a dramatic shift globally, with the bulk of 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 at Revv.
India’s car sharing segment expanded to $1.5 billion in 2018 from $900 million in 2016 and is projected to grow to $2 billion by 2020. The total number of passenger vehicles in the space is expected to increase to 50,000 in 2020 and 150,000 by 2022 from 15,000 at present.