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Hyundai Motor India invests in Revv – a self-drive car sharing company in the country. The South Korean automotive giant aims to develop new products, platforms and innovations in the mobility service sector in India. The company also plans to conduct creative marketing activities through the new alliance.
Revv is one of the leading names in the car sharing business and rivals ZoomCar – a similar investee with Mahindra Electric. With the new investment from Hyundai, India's car sharing vehicle figures are expected to grow from the current 15,000 to 50,000 by 2020 and 150,000 in 2022.
The current data shows that 35% of the entire popular – the younger generation – are very much active in car sharing services. The market growth of mobility services in India is also one of the strongest in the world.
Young Key Moo, MD and CEO of Hyundai Motor India shared, "Hyundai Motor India has been growing rapidly with its outstanding performance to become a strong market leader in India. We are just about to step forward and expand our business into the future mobility with Revv. Hyundai Motor India will build a prominent system with both ‘Open Innovation' strategy and India's fastest growing self-drive car-sharing company, Revv."
Anupam Agarwal, co-founder at 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."
"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", said Karan Jain, Co-Founder of Revv.
Thoughts On The Hyundai-Revv Partnership
Hyundai sells the second-most number of cars in the country, as evident from last month's car sales report. Models such as the Elite i20, Creta and Eon attain good sales numbers month-on-month and Hyundai also plans to bring back their legendary Santro hatchback soon; another model which would attract high sales. With the new partnership with Revv, the South Korean car company will strengthen their base in India, even further.