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SEOUL (Reuters) - South Korea's Hyundai Motor Co said on Thursday it had invested in Southeast Asian ride-hailing firm Grab, as it seeks to expand into the region to reduce its reliance on China following a damaging diplomatic row between Seoul and Beijing.
Hyundai's first direct investment in a ride-hailing firm gives it a "foothold" in the world's third-biggest ride-hailing market after China and the United States, it said.
Singapore-based Grab, the biggest operator in the region's third-party taxi hailing and private-vehicle hailing sector, has expanded to eight Southeast Asian countries.
Hyundai's interest in Southeast Asia has grown since South Korean companies were targeted last year in a Chinese backlash over Seoul's decision to deploy a U.S. missile defence system against Beijing's objections.
Hyundai and Grab said they would jointly develop services in Southeast Asia, including one utilising Hyundai's eco-friendly models such as the IONIQ Electric. They did not disclose the value of Hyundai's investment.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)