SEOUL-- Hyundai Motor Co., South Korea's biggest carmaker by sales, said Thursday it invested in the Southeast Asian ride-hailing firm Grab for a possible business partnership in the transportation service sector.
Hyundai Motor reportedly invested tens of billions of won to acquire a stake in Grab so it could get the opportunity to provide vehicles to the Singapore-headquartered company's car-hailing services.
The carmaker didn't provide the exact value of its investment in the Southeast Asian rival to Uber Technologies Inc.
Grab, which account for 75 percent of Southeast Asia's car-hailing service markets, strives to cement its regional dominance vis-a-vis Uber by further expanding its services in Southeast Asia, the third-biggest mobility service market after China and the United States.
Source: Yonhap News Agency