Hyundai motor Company, South Korea's largest car manufacturer, has partnered with car rental|rent-a-car|u-drive|you-drive|lease|rental|letting} automotive sharing company Revv to develop associateinnovative car sharing service and conduct artisticpromoting activities in India.
This is the primary instance of investment by associateautomotive company in Revv, that solely had angel investors earlier. Neither company disclosed the dimensions of the investment in financial terms or the dimensions of stake transacted.
"The strategic investment and partnership can changeeach Hyundai Motor and Revv to make competenceand also the technology necessary for leading the long run quality market in India," same the Korean company in a verystatement.
The marketplace for rentalservices is anticipated to grow to $1.5 billion by the topof 2018 from $900 million in 2016, and is projected to expand to $2 billion by 2020.
India presently has fifteen,000 car-sharing vehicles and this range is seen over multiplication by 2020 and growing multiple to a hundred and fifty,000 by 2022.
Also, millennials, United Nations agency square measure serious users of car-sharing services, comprise thirty five % of India's total population. The potential for growth for quality services is stronger than that for the other worldmarket, Hyundai same.
"We square measure close to to breakthrough and expand our business into the long run quality with Revv. Hyundai Motor India canbuild outstanding system with each 'Open Innovation' strategy and India’s quickestgrowing car rental|rent-a-car|u-drive|you-drive|lease|rental|letting} car sharing company, Revv," same Young Key Koo, administrator and chief operating officer, Hyundai Motor India.
Hyundai Motor can explore ways in which to support Revv's car-sharing service, together with activity car-sharing merchandise, developing new qualityservice platforms, and promoting.
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