Global carmakers and their suppliers are forging alliances to develop autonomous car technologies partly due to the need to share the huge financial and technical burdens. Hyundai has lagged global rivals who have invested heavily into developing new technologies for electrified and autonomous vehicles.
Hyundai Motor, Kia Motors, and Hyundai Mobis will collectively contribute $1.6 billion in cash and $400 million in research and development resources and others, valuing the joint venture $4 billion, Hyundai Group and Aptiv said in a joint statement.
Dublin-headquarterd Aptiv, which will own 50% of the joint venture, will contribute its autonomous driving technology, intellectual property, and about 700 employees focused on the development of scalable autonomous driving solutions.
Aptiv Chief Executive Kevin Clark in a joint interview with Hyundai Executive Vice Chairman and heir apparent Euisun Chung said that the joint venture at this point would not get involved in running ride-hailing, data or network services of its own.
Instead, the new firm would begin testing fully driverless systems 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,” Chung said through a translator.
Hyundai Motor aims to commercialise its own autonomous vehicles in 2024.
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