South Korean carmaker Hyundai Motor Company is the latest to jump into the ride-hailing market through an investment and strategic agreement with Singapore-based Grab Taxi Holdings Pte. Ltd.

Under the agreement, Hyundai and Grab will jointly explore ways to develop and provide innovative services to Southeast Asian customers, including a new mobility service platform that will use Hyundai’s eco-friendly models such as the IONIQ Electric.

According to the release, the deal is part of Hyundai’s “efforts to transform people’s lives with disruptive technologies and services that materialize its visions for future mobility – clean, connected and freedom in mobility.” It doesn’t mention self-driving vehicles specifically amid the long list of buzzwords, but Hyundai is exploring autonomous vehicle technology through a partnership with Volkswagen Group and Aurora Innovation Inc. announced last week. That means Grab could possibly tap into whatever that partnership delivers.

Hyundai’s intent may also be related to promoting the brand in Southeast Asia. Reuters reported that it’s considering building a car plant in the region, possibly in Indonesia or Vietnam. Hyundai vehicles are fairly rare in Southeast Asia thanks to tariff regimes that favor locally manufactured vehicles, making imported Hyundai vehicles expensive.

The amount Hyundai invested in Grab was not disclosed, but it’s an extension of the company’s Series G round of $2 billion announced in July from Didi Chuxing and SoftBank Group Corp. At the time, Grab noted that it was looking to raise an additional $500 million on the round, suggesting that could be the figure Hyundai has put on the table.

Grab, which is Uber Technologies Inc.’s major rival in the region, continues to rise, with some reports suggesting it now holds a 75 percent market share. Grab now delivers 3.5 million daily rides, has 2.3 million drivers and offers services that include private car, motorbike, taxi and carpooling services across 168 cities.

Photo: Duncan Riley