Kia Motors Launches Secret Project... Strategic Investment in 'P3 Mobility'

Startup P3 Mobility Based in Zagreb
Business Details and Founding History Veiled
Kia Motors Leads 4.2 Billion KRW Strategic Investment
Possible Connection with High-Performance EV Maker 'Rimac'

[Asia Economy Reporter Suyeon Woo] Kia Motors has made a strategic investment of 4.2 billion KRW in the mobility software development startup 'P3 Mobility.' Although the investment is small, industry attention is focused on the fact that it is an investment in P3 Mobility, known as the so-called 'secret project group,' whose main business details are shrouded in secrecy.

According to Kia Motors' 2019 business report on the 14th, Kia invested 4.2 billion KRW in P3 Mobility in December last year. Considering that the company's assets as of the end of last year were 4.1 billion KRW, it is estimated that the company was established through Kia's investment last year.

Information about P3 Mobility is limited. It is known as a company headquartered in Zagreb, Croatia, operating a research and development (R&D) center in the United Kingdom, and recently recruiting software development personnel. The research staff is fewer than 50 people, and currently, there is personnel exchange with Hyundai Motor Group.

Other than that, nothing has been revealed to the public about what kind of business P3 Mobility is pursuing or its background. The company website only states, "We cannot disclose what we are creating. However, we are doing something very innovative and cool."

Typically, open innovation is carried out by large corporations investing in startups that possess unique technology and ideas. Usually, startups actively promote their technological capabilities to attract investment, and after investment, large corporations widely publicize that they have secured excellent technology. In contrast, this investment was conducted quietly, and there is almost no information about the invested company. A Kia Motors official said, "Other than the fact that the investment was made as disclosed, there is no additional information to reveal."

However, given that P3 Mobility's headquarters is in Zagreb, there is a possibility of a business connection with Rimac Automobili, a high-performance electric vehicle developer in which Hyundai-Kia invested 100 billion KRW last year.

Rimac Automobili is an electric supercar manufacturer based in Zagreb, recognized for its competitiveness in high-performance hyper electric systems and electric sports cars. Hyundai-Kia plans to showcase high-performance prototype models of two vehicle types this year through cooperation with Rimac Automobili: an N brand midship sports electric concept car and a separate hydrogen electric vehicle model.

Until now, Hyundai Motor Group's open innovation has mainly been carried out by Hyundai Motor, where the Open Innovation Strategy Division is affiliated, with Kia Motors supporting investments to some extent. In contrast, this P3 Mobility investment is meaningful in that it was led by Kia Motors, although the amount is not large.

Since last year, Hyundai Motor Group has established the Open Innovation Strategy Division within Hyundai Motor, expanded investment screening personnel, and increased investments in startups across various fields. For startups with unique technology in the global market, not only Hyundai Motor but also Kia Motors and Hyundai Mobis have jointly invested to strengthen their efforts. Recently, joint investments have been made in Arrival, a UK-based commercial electric vehicle platform developer; Ola, an Indian vehicle-sharing company; and Grab, a Southeast Asian vehicle-sharing company.

This content was produced with the assistance of AI translation services.