Hyundai India invests in car sharing company Revv
- Hyundai India has announced a strategic partnership with Revv, a self-drive car sharing company. The partnership also includes the former investing in Revv to provide better mobility services in future.
- This makes Hyundai the only automaker among Revv’s investors, enabling it to support Revv’s car-sharing services. Hyundai may also supply its cars to Revv and help the latter develop mobility service platforms and product marketing.
- The Korean company claims that the Indian car market has been showing an exponential growth, expanding from Rs 6,285 crore in 2016 to Rs 10,475 crore in 2018. It is projected to expand to Rs 13,967 crore by 2020.
- Hyundai also projects that India’s 15,000 car sharing vehicles are expected to grow to 50,000 by the year 2020.
- Hyundai believes that the growth potential for mobility services in India is strongest in the world thanks to millennials, who are the main audience of car sharing services, and comprise 35 per cent of India’s total population.