SEOUL -- Hyundai Motor has signed a partnership with the Skolkovo Innovation Center, a Russian Silicon Valley, to create a startup that would develop a car-sharing platform. A Hyundai mobility lab will be set up in the high-tech business area in Moscow.
Hyundai said in a statement on Thursday that the startup in Moscow would help the auto company tap into the Russian mobility market by developing a vehicle-sharing service in the second half of the year.
"Through the partnership with Hyundai Motor, the leader of Russia's auto industry, we will present new technologies and business models to the future car market," Skolkovo Innovation Center head Viktor Vekselberg was quoted as saying.
Hyundai Motor plans to provide a vehicle-sharing service for all pre-purchase use ranging from testing and free time use to regular subscription and purchase. Hyundai would convert the dealer center's test drive program into a shared service to provide test-drive services and customized sharing services to customers who need vehicles for a certain period of time through free-period use and regular subscriptions.
There have been a series of deals between Hyundai and foreign companies. In January 2018, Hyundai Motor acquired a stake worth $275 million in Grab, a ride-hailing and logistics service in Singapore, followed by investment in Australia's car sharing platform "Car Next Door". Last year, the company invested in Revv, a self-drive car-sharing company in India, and Migo, an American company which has developed an on-demand ride discovery application.
In March, Hyundai Motor and its affiliate, Kia Motors, made a $300 million strategic investment in India's top ride-hailing platform, Ola, to develop unique fleet and mobility solutions, build India-specific electric vehicles and infrastructure, and nurture class opportunities and offerings for partners with customized vehicles on Ola's platform. Ola, which hosts over 1.3 million partners on its platform, aims to create more than two million livelihood opportunities in the mobility ecosystem by 2022.
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