Hyundai Motor Company announced a partnership with Revv, 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 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 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, 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.