A mobility venture, Mocean in Korea planned to be set up by Hyundai Motor Group

The transportation business company Mocean was jointly set up in Korea last month by South Korean automotive manufacturer Hyundai Motor Co. as well as its sister Kia Motors Corp., with an initial capital of 20 billion won ($16,7 million).

In sharing details on the investment ratio as well as management, Hyundai Motor stopped short.

Before the launch of the company, Hyundai Motor Group established MoceanLab as part of a majo....