Hyundai Motor is planning to expand its car-sharing activity through a deepening of its collaboration with Korean ride-share start-up Luxi.
The Korea Herald reported that Hyundai Motor invested some 5 billion won in Luxi earlier this year and is now planning to work with the start-up on a 'carpooling algorithm and platform in search for new business opportunities'.
The project is being led by the firm's future research and development project called Project Ioniq, the newspaper said.
It added that two years into business, Luxi has 200,000 registered cars and 780,000 members.
Hyundai Motor and Luxi have already launched a pilot carpooling program for commuters in Seoul and Gyeonggi Province, the report said.
Earlier this year Luxi raised 10 billion won in a funding round, of which Hyundai Motor accounted for 5 billion won.
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By GlobalDataThe funds will be used primarily in marketing and building up a sales network. In the Korean ride-share market Luxi is up against Poolus, another start-up, and Uber – which recently rolled out 'UberShare' in Korea.