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Hyundai Motor Company invests in Singapore's ride-hailing firm Grab

by January 11, 2018 General

Motor </a>Co said on Thursday it had invested in Singapore-based ride-hailing firm Grab, in the South Korean automaker’s first foray into the rapidly growing sector as it tries to diversify following a sales slump in

has expanded to eight Southeast Asian countries and has said it is the biggest operator in the region’s third-party taxi hailing and private-vehicle hailing sector.

The will jointly develop services in Southeast Asia, including one utilising Hyundai’s eco-friendly models such as the IONIQ Electric, the two firms said in a statement.

They did not disclose the value of Hyundai’s investment and a spokeswoman for the automaker declined to comment further.

Grab’s latest fundraising round, which has joined, already includes investors such as China’s Didi Chuxing, Japan’s and Toyota Tsusho, the firms added.

said on Wednesday it is considering building a in Southeast Asia, possibly in or

The company’s interest in the region has grown since a diplomatic row between Beijing and Seoul last year hurt South Korean firms that are highly reliant on the Chinese market.

The automaker also announced for the first time a with Silicon Valley start-up Aurora earlier this month, a shift from its usual preference for developing technology itself.