Hyundai will enter a new partnership with Revv, a self-driving car-sharing firm in India. Their agreement will include development of an innovative car sharing service and creative marketing plans in the country. The South Korean automaker's strategic investment and partnership will allow the companies the technological competency to compete for the mobility market.
"Hyundai Motor India has been growing rapidly with its outstanding performance to become a strong market leader in India. We are just about to step forward and expand our business into the future mobility with Revv," Hyundai Motor India MD and CEO Y K Koo said. He continues, "Hyundai Motor India will build prominent system with both 'Open Innovation' strategy and India's fastest growing self-drive car sharing company, Revv." Hyundai is currently Revv's only auto manufacturing company among their investors. Being their sole manufacturing partner, Hyundai will be exploring methods to support Revv's car sharing service by supplying product and development of new mobility service platforms.
Revv is India's fastest growing self drive car sharing company. So far this year, the company has expanded to $1.5 billion from just $900 million in 2016. According to Hyundai, they expect the car sharing segment to continue their positive growth trend to $2 billion by 2020. They project the total number of shared passenger vehicles will grow from their current 15,000 vehicles to 50,000 in 2020 and reach 150,000 by 2022. According to the company, this will allow Indian consumers to experience Hyundai Motor's vehicles in diverse ways.