South Korea’s largest auto-maker Hyundai Motor Company on Monday said it has partnered with Revv, India’s self-drive car sharing company, to develop an innovative car sharing service and conduct creative marketing activities.
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 — an evolving market showing exponential growth, expanding from $900 million in 2016 to $1.5 billion in 2018, and projected to touch $2 billion by 2020, the company said.
“India’s 15,000 car sharing vehicles are expected to grow to 50,000 by 2020, and 1.50 lakh by 2022,” it said.
Furthermore, millennials, who are heavy users of car sharing services, comprise 35 per cent of the total population of India. The market growth potential for mobility services is stronger than that of any other global market, it said. “Hyundai Motor India will build prominent system with both ‘Open Innovation’ strategy and India’s fastest growing self-drive car sharing company, Revv,” Young Key Koo, Managing Director and Chief Executive Officer, Hyundai Motor India, said.
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, the company added.
“The mobility industry is going through a dramatic shift globally, with the bulk of the innovation still to come. We want to be at the forefront of creating innovative solutions that can meaningfully shape this shift, and Hyundai Motor will play a crucial part in this mission,” Anupam Agarwal, Co-Founder at Revv, said.