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Hyundai Motor steps up car-sharing business in Los Angeles

All News 16:03 January 05, 2020

LOS ANGELES, Jan. 5 (Yonhap) -- Hyundai Motor Co., South Korea's largest carmaker, has stepped up its car-sharing business in Los Angeles, about two months after entering the market.

Last November, Hyundai Motor set up a venture, MoceanLab, to offer mobility services in the U.S. city with 15 Ioniq plug-in hybrid electric vehicles.

Hyundai Motor plans to deploy about 300 Ioniq electric cars and vehicles from its affiliate, Kia Motors Corp., company officials said.

Hyundai Motor's car-sharing business is a part of the U.S. city's car-sharing permit pilot program.

Hyundai Motor has focused on transforming itself into a smart mobility solutions provider, in an ambitious plan to stay ahead of global competition in the auto industry.

This photo, provided by Hyundai Motor Co., shows the company's car-sharing business in Los Angeles. (PHOTO NOT FOR SALE) (Yonhap)

Last week, Hyundai Motor Group Executive Vice Chairman Chung Euisun said the automotive group will invest more than 100 trillion won (US$85.7 billion) in the next five years to increase its presence in the future mobility markets.

"We are planning to launch 44 electrified vehicles, including 11 all-electric models, by 2025, as we aim to take the lead in electrified car markets based on the development of our own platforms and core electrified car components," Chung said.

"In recent years, due to the rapid development in technology and networks, what had only been imagined is becoming an everyday reality, and this trend is accelerating in the automotive industry," Chung said.

"The plan focuses on securing Hyundai's leadership in the vehicle electrification, expansion of hydrogen industry ecosystem and self-driving commercialization, as well as the progressive expansion of its mobility services businesses," Chung said.
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