Hyundai Motor Company is with , India’s fastest growing self-drive car-sharing company, to develop an innovative car-sharing service and conduct creative marketing activities in India. The strategic partnership includes a Hyundai Motor investment in Revv.
The strategic investment and partnership will enable both Hyundai Motor and Revv to build competency and the technology necessary for leading the future mobility market in India—an evolving market showing exponential growth, expanding from USD 900 million in 2016 to USD 1.5 billion in 2018, and projected to expand to USD 2 billion by 2020. India’s 15,000 car sharing vehicles are expected to grow to 50,000 by 2020, and 150,000 by 2022.
Millennials—who are heavy users of car sharing services—constitute 35% of the total population of India. The market growth potential for mobility services is stronger than that of any other global market, Hyundai says.
India is a very important market for Hyundai Motor. As a market leading brand, we will play a proactive role introducing innovative Hyundai Motor technology that will transform Indian society. We will invest and form partnerships in various fields, developing a prominent mobility system in the world.—Dr. Youngcho Chi, Executive Vice President of Strategy & Technology Division and Chief Innovation Officer of Hyundai Motor Group
Hyundai Motor, which is the only automotive company among Revv’s investors, will explore ways to support Revv’s car sharing service, including the supply of car sharing products, the development of new mobility service platforms, and product marketing. This will allow Indian consumers to experience Hyundai Motor’s vehicles in diverse ways.
Hyundai Motor India Limited (HMIL) forms a critical part of Hyundai Motor’s global export hub. HMIL currently exports to around 88 countries across Africa, Middle East, Latin America, Australia and Asia Pacific. It is the number-one car exporter since inception in India. Its fully integrated, state-of-the-art manufacturing plant near Chennai features advanced production, quality and testing capabilities.
Hyundai Motor’s blueprint is to generate growth by developing innovative mobility services that combine disruptive technologies such as autonomous driving and artificial intelligence, with the sharing economy to transform people’s lives.
Hyundai Motor has been enhancing its mobility services in major locations worldwide.