Hyundai teams up with LUXI for car sharing service
Models pose with the Hyundai Ioniq hybrid sedan during an auto event for the Hyundai-LUXI car pool joint venture, Tuesday. / Courtesy of Hyundai Motor
By Jhoo Dong-chan
Hyundai Motor said it will study algorithms for a car sharing system with startup car sharing service provider LUXI.
Established last year, LUXI is the nation’s leading car sharing service startup operating about 200,000 vehicles with 780,000 online members. The company said it has matched a total of 4 million car sharing instances since the company was established.
Recognizing LUXI’s potential in the car sharing market, the nation’s largest carmaker invested 8 billion won ($7.38 million) in LUXI in August, and has decided to cooperate with the firm to take the upper hand in the car sharing service.
Under the partnership, Hyundai Motor Future Mobility division Project Ioniq is expected to work together with Luxi in a bid to help develop not only car sharing but also the carmaker’s self-driving technology.
“The joint project with LUXI is a part of Hyundai Motor’s commitment to satisfy consumer needs in the automobile industry,” a Hyundai Motor official said.
“Under Project Ioniq platform, Hyundai Motor will continuously introduce a series of innovations to offer our customers true freedom in mobility.”
According to consulting firm McKinsey & Company, the number of general vehicle sales will decline annually by 4 million across the world by 2030 while sales related to car sharing will grow by 2 million.
Europe’s largest consulting company Roland Berger also said car sharing will occupy about 40 percent of the total automobile market by 2030.