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Hyundai invests in Grab to gain 'foothold' in Southeast Asia ride-hailing market

January 11, 2018 6:50 AM
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SEOUL (Reuters) - South Korea’s Hyundai Motor Co (005380.KS) said on Thursday it had invested in Southeast Asian ride-hailing firm Grab, as it seeks to expand into the region to reduce its reliance on China following a damaging diplomatic row between Seoul and Beijing.

Hyundai’s first direct investment in a ride-hailing firm gives it a “foothold” in the world’s third-biggest ride-hailing market after China and the United States, it said.

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