SEOUL, South Korea (AP) — Hyundai Motor says it is joining hands with Southeast Asian ride-hailing service Grab to break into one of the world's fastest-growing markets.

The South Korean company said on Thursday that it has partnered with the Singapore-headquartered company to explore joint use of Hyundai's Ioniq electric cars among others.

Under the partnership with Hyundai, Grab has raised more than $2.5 billion in its latest round of fundraising, which also includes Didi Chuxing, Softbank and Toyota Tsusho.

Tech services companies and auto manufacturers are stepping up cooperation on self-driving, artificial intelligence and other new technologies that are reshaping the auto industry.