New Delhi, South Korea's automaker Hyundai on Monday announced its partnership with India's fastest growing self-drive car sharing company Revv.
The partnership also included Hyundai Motor’s investment in Revv for innovative future mobility services and will enable both the auto companies to build competency and the technology necessary for leading the future mobility market in India.
Hyundai Motor’s blueprint is to generate the company’s new growth engine by developing innovative mobility services that combine disruptive technologies such as autonomous driving and artificial intelligence, with the sharing economy to transform people’s lives.
Revv has been showing exponential growth, expanding from 900 million dollars in 2016 to 1.5 billion dollars in 2018 and projected to expand to 2 billion dollars by 2020. India’s 15,000 car sharing vehicles are expected to grow to 50,000 by 2020, and 150,000 by 2022.
"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.”
“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,” said Anupam Agarwal, Co-Founder at Revv.
Revv Co-founder Karan Jain said, “Hyundai Motor is a household name in India and we are delighted to have them join us on our journey. With their deep understanding of Indian consumers and their progressive stance on tech-driven mobility solutions, this partnership will bring us closer to achieving our vision in the mobility market.”