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Hyundai: Vehicle Ownership to Shift to Ride-Sharing Companies

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Feb. 13, 2018—Hyundai is betting that, in the not-too-distant future, vehicle ownership will shift away from individuals and toward ride-sharing giants such as Uber and Lyft, according to a Bloomberg report.

The South Korean automaker announced in January that it had invested in Singapore-based Grab, which is Southeast Asia’s largest cab-hailing service.

“In the past, people liked to own their cars. In the near future, I think the owner of the self-driving market will be mobility-service providers.” said Woongjun Jang, director of Hyundai’s advanced driver assistance system development group.

Hyundai, the world’s fifth-largest automaker, is bracing for a future in which cars will essentially be a rolling computer, differentiated mainly by processing power. Hyundai is working on a planned robo-taxi service with Aurora, is investing in startups, and is talking to Waymo, Uber, and Grab. Hyundai is looking to provide a flexible, open platform in its vehicles, so buyers can customize applications to suit their needs.

The Seoul-based OEM is showing off its self-driving, fuel-cell NEXO SUV at the ongoing Winter Olympics in South Korea, a vehicle that the company says can drive for more than 370 miles on a single, five-minute charge.

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