Hyundai Motor-Rentacar Association Confirm 'Kabot' as Operating Platform App Name
Upgraded IoT Devices to be Reintroduced Within This Month
Operating Platform Scheduled for Introduction Around February
Hyundai Motor Mobility Specialist Motion Solution Expands to Various Industries
[Asia Economy Reporter Suyeon Woo] Motion, Hyundai Motor Group's mobility specialist company, has finalized the name of the integrated rental car management system platform it is promoting together with the Korea Rent-a-Car Business Association Federation as 'Kabot.' Hyundai Motor Group plans to expand the rental car ecosystem and lay the foundation for a 'smart mobility solution' company emphasized by Chairman Chung Eui-sun through full-scale platform operation starting next year.
According to industry sources on the 17th, Hyundai Motor affiliate Motion and the Rent-a-Car Federation have decided on the name 'Kabot' for the integrated rental car management platform (app) and are preparing for its operation in February next year. 'Kabot' is a compound of the English word 'CAR' and the pure Korean word 'bot,' meaning friend, reflecting the intention to become a friend for creating a win-win ecosystem in the rental car industry.
At the end of last year, Hyundai Motor's Motion signed a 'Mobility Business Cooperation MOU' with the Rent-a-Car Federation to provide an integrated rental car management solution. Since then, both parties formed a task force team to discuss the timing of device introduction, platform brand name, operating entity, and fees. It was agreed that the platform's operating entity would be entrusted to a separately established cooperative.
Demonstration of 'Mocean Smart Solution' for vehicle management by Mocean, Hyundai Motor Group's mobility specialist company / Photo by Hyundai Motor Group
Motion will provide an integrated mobility solution combining Internet of Things (IoT) devices and the platform for approximately 930,000 domestic rental cars owned by the association. When the communication-type device transmits vehicle data such as location, driving route, accumulated distance, wireless update status, fuel (battery) level, and tire air pressure, rental car operators can check real-time vehicle-related information through the platform.
From the rental car companies' perspective, utilizing real-time information enables entry into the ultra-short-term rental car market, which is similar to vehicle sharing. At the same time, Hyundai Motor's Motion can generate revenue by supplying big data and solutions to rental car companies and seek opportunities to develop other customized solutions linked to car washing, charging, refueling, and expand new businesses. Recently, Motion also decided to provide this integrated solution to domestic car-sharing company Socar.
Motion's IoT devices have been introduced since June and are undergoing stability testing; after upgrades, they are scheduled to be reintroduced within this month. A Rent-a-Car Association official said, "Since June, we have conducted quality tests and completed a major upgrade. Once the devices stabilize, platform operation is expected to begin as early as February next year."
This win-win business model is expected to serve as a model for ecosystem creation in the used car and battery rental industries, where Hyundai Motor Group is preparing to enter. The industry interprets Hyundai Motor Group's entry into this business as a signal flare for the transition to a 'smart mobility solution company' emphasized by Chairman Chung.
In October last year, Hyundai Motor Group established 'Motion Lab,' a specialized organization for mobility business in Los Angeles, USA, and has actively invested in overseas mobility companies such as Grab (Southeast Asia), Ola (India), Careem (Middle East), and Car Next Door (Australia). Domestically, at the end of last year, Hyundai Motor and Kia Motors jointly invested to establish 'Motion,' a domestic mobility service specialist company.
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