Hyundai India Announces Investment In Mobility Service Provider, Revv

Hyundai Motor Company announced a partnership with Revv, a self-drive car sharing company, to develop an innovative car sharing service and conduct creative marketing activities in India. The strategic partnership including Hyundai Motor's investment to Revv sees the company's first foothold in the Indian mobility market.

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. India's 15,000 car sharing vehicles are expected to grow to 50,000 by 2020, and 150,000 by 2022.

Furthermore, millennials, who are heavy users of car sharing services, comprise 35 percent of the total population of India. 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.

Young Key Koo, Managing Director and CEO of Hyundai Motor India said, "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 will build prominent system with both 'Open Innovation' strategy and India's fastest growing self-drive car sharing company, Revv."