"The group is developing an electric vehicle platform for mass market in India. We develop cars for all and not just for ride hailing cab operator Ola where Hyundai has invested $300 million," Kim said.
When queried as to the leverage Hyundai Motor has with its investment like Ola asking its driver partners to go for Hyundai Motor models, Kim said it is an important investment for the group.
In March, Hyundia Motor and its affiliate Kia Motors announced an investment of ₹2,068 crore ($300 million) in Ola.
As per the agreement, the three companies will collaborate on building India-specific electric vehicles and infrastructure and developing unique fleet and mobility solutions, Hyundai Motor had then said.
The partnership will offer Ola drivers various financial services, including lease and instalment payments, while vehicle maintenance and repair services are expected to enhance customer satisfaction, Hyundai Motor had said.
Hyundai, Kia and Ola also agreed to coordinate efforts to develop cars and specifications that reflect the needs of the ride hailing market.