Hyundai Motors Invests Strategically in ‘Migo,’ a U.S. Mobility Service Company

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Establishing a global business belt such as car sharing, car hailing, etc.

 

Hyundai Motor carried out a strategic investment for mutual cooperation with Migo, a mobility-as-a-service company of the United States, and has set the stage for entering the local sharing economy market.
Migo was established in 2016 in Seattle, USA, and unveiled a new concept service of the multiple mobility integration from last year.
The multiple mobility integration means a service connecting optimal car sharing to customers through the smartphone application. In this process, Migo makes a profit by receiving commissions from the sharing company to which it has connected users.
If users enter the destination that they want to go, the Migo application provides diverse information that the users can see at a glance, such as the price of the service, the time required, etc., of various sharing companies. The application helps the users compare and select the company that is most economical and suitable for them.
Related to this, the Migo application provides comparative information on the car hailing companies such as Uber, Lyft, Mytaxi, etc. and bike-sharing companies like LimeBike and Spin, as well as the U.S. car sharing companies including Car2Go, Zipcar, etc. It also supports information on public transit such as buses, subway, etc.
Since launching in Seattle and Portland, Migo has now expanded its service offerings to 75 major cities in the USA, including New York, Los Angeles, Washington and Chicago.
Hyundai Motors plans to acquire know-how on the overall mobility business of the United States with its strategic investment in Migo as a momentum and acquire the competence and technology to lead the future mobility market.
In particular, as the investment in Migo was arranged at a comparatively early stage and Hyundai Motors is the only car manufacturer among the investors, it is expected that the synergy effect following the cooperation between the two companies will be considerable.
Meanwhile, through the partnership with Migo this time, Hyundai Motors has come to build a ‘Mobility Business Belt’ connecting the USA, Europe and the Asia-Pacific region.
Regarding the European region, Hyundai Motors is conducting a car-sharing business, jointly with Ionic EV in Amsterdam, the Netherlands. As for the Asia-Pacific region, Hyundai Motors has made a preemptive investment in Revv which is an Indian car-sharing firm, Mesh Korea which is a last mile delivery service specialist in Korea, Grab which is Southeast Asia’s largest car-hailing company, Immotor, which is a Chinese battery sharing company for last-mile transport means, and Car Next Door which is an Australian peer-to-peer car-sharing firm.

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Hyundai Motor’s initiative to activate a regional economy of S. Korea

Hyundai Motor Group decided to help the activation of economy of Gwangju region in collaboration with Gwangju government, with an ultimate intention of boosting the nation’s overall auto industry facing difficulty caused by the yen’s slide.

The largest auto maker in Korea will provide full support for the auto industry valley project pushed ahead by Gwangjoo provincial government under the slogan of ‘regional development through auto manufacturing industry’s renaissance.’ As a move, they will jointly open creative economy innovation center this month and lay the groundwork for supporting promising component/venture start-ups within the region and promoting research and development (R&D) efforts for green cars. .

The first creative economy innovation center was jointly established by Samsung Group and Daegu provincial government and the second one by SK Group and Daejeon provincial government. The latest of the creative economy innovation center will mark the third.

The auto industry valley will be created on 3.6 square meters site and receive a total of 834.7billion won($763million) investment between 2015 and 2020. It aims at building the auto manufacturing city capable of producing one million units, inducing auto/auto component makers, improving auto productivity and setting up logistics system. The valley is expected to create 1.7 trillion won productivity and 11,300jobs.

 
 
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