SINGAPORE (Nov 7): Ride-hailing company, Grab, has secured US$250 million ($343.5 million) in investments from South Korean carmaker, Hyundai.

This is Hyundai’s largest external technology investment and 10 times more than its earlier commitment to Grab in Jan 2018.

With the intention to further expand in Singapore, Hyundai will also be providing 200 Hyndai electric vehicles to Grab’s Singapore fleet in 2019. The duo also said that they will launch pilot projects to build electric vehicle-friendly markets across the region.

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