The Republic of Korea’s two leading auto manufacturers, Hyundai Motor Co. and Kia Motors Corp, have announced a target of selling a combined 7.6 million cars in 2019 and an additional 250 million USD in Grab, a ride-sharing company in Southeast Asia.

Illustrative image (Source: internet)

Accordingly, Hyundai Motor aims to sell 4.67 million units this year while Kia will sell 2.92 million cars. The two car makers’ total estimated car sales in 2019 will be higher than the 7.3-7.4 million units sold in 2018.

Hyundai will pour 175 million USD in the ride-hailing service in Southeast Asia while Kia, 75 million USD. The auto manufacturers plan to cooperate with Grab in electric vehicle (EV) projects as well as accelerate the construction of a network of quick-charge stations for cars.

Under the partnership, the three firms will launch a series of EV pilot projects in Southeast Asia, starting with Singapore in 2019 and then expanding to other countries, including Vietnam.

(Source: VNA)