Hyundai and Aptiv to set up $4bn autonomous car joint venture
Following the lead of many other OEMs, Korean OEM Hyundai Motor Group has announced it will be investing in its own joint-venture with a leading self-driving tech company. Collectively, Hyundai Motor, Kia Motors and Hyundai Mobis will contribute $1.6 billion in cash and $400 million in R&D resources as well as access to intellectual property to a joint undertaking with Aptiv, which is to own the other half of the newly founded company.
Based in Boston, USA, the new firm would begin testing fully driverless systems across Asia and the USA in 2020 and have a production-ready autonomous driving platform available for robotaxi providers, fleet operators and automakers in 2022. “Uber is developing its own technology, but potentially our technology could be better than theirs and then they could also become our customers,” said Hyundai Executive Vice Chairman Euisun Chung.
Hyundai Motor aims to commercialise its own autonomous vehicles in 2024.