Hyundai Motor Groupto set up US$4 bil. in self-driving joint venture

Hyundai Motor Groupto set up US$4 bil. in self-driving joint venture


South Korea’s top car maker Hyundai
Motor Group will create a joint venture
with an automotive technology firm in
the u.s. to develop autonomous car
technologies Kim Azam reports Hyundai
Motor Group will set up a four billion
US dollar joint venture with active with
both parties taking a 50% ownership
stake in the new company the new entity
will work to design develop and
commercialize autonomous vehicles in a
statement Monday Hyundai Motor Group
says Hyundai Motor Kia Motors and
Hyundai mobis will contribute a combined
1.6 billion in cash and 400 million
dollars in areas like engineering
services and R&D automotive technology
company active on the other hand will
provide its autonomous driving
technology and electric property and
about 700 employees focused on the
development of autonomous driving
solutions the companies will appoint an
equal number of directors in the venture
which will be based in Boston with
technology centers across the US and
Asia including Korea this marks the
biggest bets by Hyundai Motor Group and
the venture will begin testing fully
driverless systems in 2020 and have a
production ready autonomous driving
platform by 2022 Honda said in February
it plans to invest over 12 billion
dollars in areas such as autonomous
driving technologies vehicle
electrification and mobility services by
2023 Kim song Arirang news

One Reply to “Hyundai Motor Groupto set up US$4 bil. in self-driving joint venture”

Leave a Reply

Your email address will not be published. Required fields are marked *