SEOUL, May 30 (Yonhap) -- Hyundai Motor Co., South Korea's biggest carmaker by sales, said Thursday it will launch a car-sharing startup in Russia this year as part of its business diversification strategy.
On Wednesday (local time), Hyundai signed a partnership with the Board of Skolkovo Foundation to establish a car-sharing company in the Skolkovo venture complex, it said in a statement.
Hyundai Motor said the startup, named Hyundai Mobility Lab, will help the company advance into Russian mobility markets. The company didn't provide the value of the investment.
"Hyundai is an important landmark for us. Signing this agreement, we affirm our readiness and interest in effective cooperation with the leading company of the car industry. The Skolkovo partnership will provide Hyundai Mobility Lab with unique conditions to develop cutting-edge IT solutions," Viktor Vekselberg, chairman of the foundation, said in the statement.
Russia's car-sharing market is rapidly growing, with the number of registered vehicles for car-sharing services nearly tripling to 180,000 in three years, it said.