Hyundai and Aptiv entered a $4 billion autonomous vehicle joint venture to leverage each other's resources and ramp up AV efforts:
a $4 billion autonomous vehicle joint venture . Hyundai and Aptiv, which will each own half of the Boston-based JV, aim to create a self-driving platform that will be commercially available in 2022.Hyundai and its subsidiaries, including Kia Motors, will commit $1.6 billion in cash and $400 million worth of services to the JV. Aptiv will contribute its own AV technology and about 700 of its employees.
Legacy automakers have taken a number of approaches in ramping up their AV efforts, with one common thread: working with an AV startup in some capacity. In the case of Hyundai and Aptiv, the two companies entered a JV to leverage each other's resources. A JV enables multiple companies to split the cost and manpower required to develop the tech, while combining their best assets to bring solutions to market faster.
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