Hyundai is forming a $4-billion joint venture with GM spinoff Aptiv PLC to develop autonomous driving technology.
Almost two years ago, the heir apparent to South Korea’s massive Hyundai Motor Group, Euisun Chung, paid a visit to the driverless-vehicle hotbeds of Pittsburgh and Detroit, wanting a look under the hood of the best technology from companies both places had to offer. It turned out to be quite the productive trip.
If the deal sounds familiar, it could be because Hyundai announced a similar partnership in January of last year — less than two months after Chung’s U.S. visit — with Aurora Innovation Inc., the start-up fronted by aTo Chung, who’s expected to take over from his 81-year-old father, Chung Mong-Koo, as Hyundai’s chairman, Aptiv was the ideal company to join forces with in the first place.
An Aurora spokeswoman said Hyundai remains both a partner and investor in the Palo Alto, Calif.-based company, and that the two have teams working together on self-driving vehicle development. Aptiv will take a 50% stake in the venture, while Hyundai Motor Co., parts maker Hyundai Mobis Co. and Kia Motors Corp. will contribute a combined $1.6 billion in cash and $400 million worth of services including research and development, the companies said in a joint statement. The venture will begin testing fully driverless systems in 2020 and have a production-ready autonomous driving platform available for robotaxi providers, fleet operators and manufacturers in 2022.
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