Hyundai injects $6.2m into Car Sharing platform

September 17, 2019

SYDNEY - South Korean carmaker Hyundai is investing $6.2m in car-sharing platform Car Next Door, taking its total injection in the last 12 months to more than $8 million - and marking what is believed to be the biggest investment from an automotive manufacturer in an Australian service mobility player. 

Hyundai Motor Company Australia CEO, JW Lee, said the investment would see development of 'sharing ready' cars, with new technology becoming available in the marketplace.

"We are pleased to directly collaborate with peer-to-peer marketplace Car Next Door to open up new mobility options and expand the use of a car for a Hyundai car owner," Lee said. 

"This is the future of connected green cars, where the ability to car share is built into the hard-wiring of the car, making it easy for one car to be used by multiple people."

"The capability has been pre-installed into Hyundai cars, making it easy for Hyundai owners to earn extra money from their car when they are not using it."

Any Hyundai vehicle with Auto Link Premium can be shared with neighbours with the click of a button. For owners of recent Hyundai vehicles, the connective technology can be installed in minutes. 

Car Next Door CEO and co-founder, Will Davies, says there will be more sharing capabilities in vehicles as the mobility market changes. 

"Car Next Door provides car owners with access to 150,000 car borrowers, making it easy for car owners to offset the cost of their vehicle.

"The average car in Australia is used for only 4% of the time. For 96% of the time they sit idle."

The investment is fuelling Car Next Door's Australia-wide expansion -- allowing peer-to-peer car sharing outside urban centres. 

In the last six months there has been an increase in car sharing subscription services. Honda recently launched its own service, Drivible.

Car Next Door is Australia's largest peer-to-peer car sharing platform, operating in Sydney, Melbourne, Brisbane, Gold Coast, Canberra and Perth. Car rental costs are from $5/hour or $25/day plus 21 to 45 cents per km. (ATI).