It’s not only that, the deal will also see the Korean giants establish a partnership with Grab to spearhead electric vehicle (EV) programmes across Southeast Asia, beginning with Singapore in 2019.

Aside from the focus on utilising EVs to maximise cost efficiency for Grab drivers, the partnership will also involve governments and infrastructure players to improve EV infrastructure in the region, such as providing more quick-charge stations.

The EV partnership will also explore the development of customised maintenance packages to Grab EV drivers and conduct research into how EVs can be most efficiently deployed in Southeast Asia under hot and humid climate conditions.

“As the largest fleet owner of EVs in Singapore, we are excited to establish an industry partnership with Hyundai Motor Group to drive EV adoption across Southeast Asia. We both share a common vision on the electrification of mobility as one of the key foundations for building an environmentally sustainable and lowest-cost transportation platform,” said President of Grab, Ming Maa.

Grab is on track to raise over US$3 billion by the end of this year. Investors in Grab’s current financing round include Booking Holdings, Microsoft, Toyota, and global financial institutions such as OppenheimerFunds, Goldman Sachs Investment Partners, and Citi Ventures.