South Korean auto giant Hyundai Motor Co. and its sister Kia Motors Corp. have jointly set up a mobility service venture dubbed Mocean last month in Korea, with an initial capital of 20 billion won ($16.7 million).

Hyundai Motor stopped short in sharing the details about the investment ratio and business direction.

Before the latest launch, Hyundai Motor Group established future mobility service venture MoceanLab in Los Angeles, the U.S. as part of its larger initiative to create a sustainable and connected future.

MoceanLab is to provide mobility services in the city of Los Angeles with its pilot car-sharing service Mocean Carshare run based on four parking lots near the city’s major subway stations.

Hyundai Motor Group Executive Vice President and Head of Open Innovation Strategy Yun Kyoung-lim poses with Los Angeles Mayor Eric Garcetti in LA Comotion ceremony in LA, on Nov. 14, 2019. [Photo provided by Hyundai Motor Group]

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It is planning to expand the service to larger areas with a combined 300 full-electric vehicles and further to autonomous ridesharing, shuttling, multimodal transportation, and personal mobility with an aim to ease the traffic congestion and increase convenience, the group said in its press release.

Hyundai Motor Group earlier announced its 1.8 trillion won investment plan for next mobility services and platforms over the next six years. It now is testing out various new ideas for the scheme in Korea.

First, Hyundai Motor has partnered with KST Mobility to start a three-month trial service for ride-sharing town shuttle taxi in Eunpyeong New Town district of Eunpyeong-gu, Seoul in the first half of next year. It provides a real-time optimal traffic route guidance system based on artificial intelligence technology, and KST Mobility will run the service taxis.

[Photo provided by Hyundai Motor Group]

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Calling up the nearest or fastest bus has already become possible in Yeongjongdo, Incheon nearby Korea’s main air gateway, with trial service running for two months until January next year. Customers can use the service via mobile app Incheon-Mobility on Demand (I-MOD).

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