Hyundai Motor Group and Aptiv have announced that they will be forming an autonomous driving joint venture.
The JV will advance the design, development and commercialization of Level 4 and 5 autonomous technologies. It will begin testing fully driverless systems in 2020 and have a production-ready autonomous driving platform available for robotaxi providers, fleet operators, and automotive manufacturers in 2022.
Hyundai Motor Group and Aptiv will each have a 50 percent ownership stake in the joint venture, valued at a total of $4 billion.
Kevin Clark, President and Chief Executive Officer, Aptiv, says: “This partnership further strengthens Aptiv’s industry-leading capabilities in the development of advanced driver assistance systems, vehicle connectivity solutions, and Smart Vehicle Architecture. Hyundai Motor Group’s cutting-edge engineering and R&D capabilities make them our partner of choice to advance the development of a production-ready autonomous platform.”
Euisun Chung, Executive Vice Chairman, Hyundai Motor Group, adds: “The new joint venture marks the start of a journey with Aptiv toward our common goal of commercializing autonomous driving. The combined capabilities of Aptiv, a leading global technology company, and our Group, a global OEM, will create invaluable synergy to lead the autonomous driving landscape.”
The new joint venture will be headquartered in Boston, with technology centres across the U.S. and Asia, including Korea. Hyundai Motor Group and Aptiv will each appoint an equal number of directors to govern the joint venture.
Aptiv operates more than 100 autonomous vehicles on multiple continents, across a range of driving conditions and environments. To date, the company has provided more than 70,000 paid autonomous rides, servicing more than 2,700 destinations.
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