Hyundai Motor invests in U.S. mobility service company Migo

Lim Chang-won Reporter Posted : 2018-09-11 14:10 Updated : 2018-09-11 14:10
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[Courtesy of Migo]

SEOUL -- Hyundai Motor, a top carmaker in South Korea, made a strategic investment in U.S. mobility service specialist Migo in an effort to develop innovative mobility services, following similar deals with promising startups in Singapore, India, Australia and China.

Through its investment in the Seattle-based Mobility-as-a-Service (MaaS) company, Hyundai hopes to acquire know-how on the U.S. mobility business and develop competitive mobility services as Migo's unique mobility platform provides information on vehicle sharing services preferred by users.

The amount of Hyundai's investment and other terms were not disclosed. Migo has developed an on-demand ride discovery application. It is a free app available for download in the Apple App store that allows customers to discover and hail multiple modes of personal transportation without having to jump from one app to another.

Hyundai has promised to unveil mobility services that would combine future technologies such as autonomous navigation and artificial intelligence.

There have been a series of deals between Hyundai and foreign companies this year. In January, it acquired a stake in Grab, a ride-hailing and logistics service in Singapore, followed by a strategic investment in Australia's car sharing platform "Car Next Door". In August, Hyundai made a strategic investment in Revv, one of India’s leading self-drive car sharing companies.

Hyundai has also ventured into the last mile logistics market with strategic investments in two promising start-ups -- Chinese e-scooter maker Immotor and Mesh Korea, an IT-based logistics startup which established South Korea's first last-mile logistics network -- to develop smart delivery solutions.