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No Uber or Airbnb in S Korea as red tape, risk-aversion hobble start-ups

Hyundai and Samsung say they invest in both local and overseas startups

Startup  |  Uber  |  Airbnb

Reuters  |  Seoul 

When Choi Ba-da pitched his car-sharing firm Luxi to Hyundai Motor officials in 2017, he told them there would be no future for South Korea's top automaker if it failed to embrace emerging technologies. His pitch worked: Hyundai agreed to buy a 12 per cent stake in Luxi for $5 million, its first investment in a car-sharing firm as it joined rivals in the race for new-age transportation. But about six months later, Hyundai sold its stake after thousands of angry taxi drivers, worried about their jobs, threatened to boycott Hyundai cars, Choi told Reuters. Hyundai officials say ...

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First Published: Tue, December 18 2018. 04:44 IST