Facing stiff competition from Uber, cab aggregator Ola has just got the push to get their nose in front. According to NDTV, Hyundai Motor Group have announced that they, as well as Kia Motors, have invested a total of $300 million in Ola. The announcement came in the backdrop of Hyundai Motor Group expressing their desire to buy a 4% stake in Ola.
The $300 million investment came following Ola’s announcement that they will have a fleet of 1 million electric vehicles on the roads of India by 2021. The trio, Ola, Hyundai and Kia will now look to build electric vehicles that will be specifically made for India.
According to Mr.Chung, the Executive Vice Chairman of Hyundai Motor Group, the collaboration with Ola and Kia will ensure that Hyundai progresses to become the leader in the global mobility market. While the collaborations of Hyundai, Kia and Ola are intended to expand their businesses and create opportunities, Ola have said they look to have an employed workforce of 2 million people by 2022.