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Hyundai invests in Grab to gain 'foothold' in Southeast Asia ride-hailing market

Reuters  |  SEOUL 

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. ...

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First Published: Thu, January 11 2018. 12:43 IST
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