Hyundai Invests in Revv

Hyundai Motor Company, South Korea’s largest automaker, has announced a partnership 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 in Revv, sees innovative future mobility services gain the company’s first foothold in the […]

Hyundai Motor Company, South Korea’s largest automaker, has announced a partnership 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 in Revv, sees innovative future mobility services gain 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; an evolving market showing exponential growth, expanding from US$ 900 million in 2016 to US$ 1.5 billion in 2018, and projected to expand to US$ 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% of the total population of India. The market growth potential for mobility services is stronger than that of any other global market.

Gopika Pant & Vineet Gupta from Indian Law Partners acted as Legal Adviser to Hyundai Motor Company, Korea.

 

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