Hyundai enters Indian car sharing market in partnership with Revv

Aug 21, 2018

By India News Stream Desk

New Delhi/Seoul:Hyundai Motor Company, South Korea’s largest automaker is joining hands with Revv, India’s fastest growing 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 innovative future mobility services gain the company’s first foothold in the Indian mobility market.

The 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 USD 900 million in 2016 to USD 1.5 billion in 2018, and projected to expand to USD 2 billion by 2020.

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. The market growth potential for mobility services is stronger than that of any other global market.

“Hyundai Motor India has been growing rapidly with its outstanding performance to become a strong market leader in India,” said Young Key Koo, Managing Director and CEO of Hyundai Motor 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.”